Question

Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal

Answer 1

No. Credit Debit $6,400 1 Date General Journal Apr-01 Accounts Receivable Sales (Merchandise sold on credit) $6,400 2 $3,840 Apr-01 Cost of Goods Sold Merchandise Inventory (COGS of inventory Recoreded) $3,840 3 $720 Apr-04 Sales Return Accounts Receivable (Sales return from sales made on Apr 01 $720 4 $432 Apr-04 Merchandise Inventory Cost of Goods Sold (Inventory returned by customer) $432 5 $2,700 Apr-08 Accounts Receivable Sales (Merchandise sold on credit term 1/10, n/30) $2,700 6 $1,890 Apr-08 Cost of Goods Sold Merchandise Inventory (COGS of inventory Recoreded) $1,890 7 $5,680 $5,680 Apr 11 Cash Accounts Receivable (Cash received from customer sales made on Jan 01 less Sales Return i.e. $6400-$720)

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