Question

required for ntit Apr. 8 Sold Apr. 11 Received payment for the amount due from the Apil 1 sale less the return on April s $2,520

Answer 1

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Solution:Note: In question, April 1 statement is showing, term 2/30 but, April 1 answer format is showing n/30, It should be n/30 Naming convention can be slightly different per question. Ignore the explanation line while putting answer in question format Journal entries Date Account title and explaination Debit Credit $ 4,200 Apr.01 Accounts Receivable Sales Revenue $ 4,200 To record the sale on account Apr.01 No Journal Entry required (In periodic system Inventor is not adjusted at the time of sale) Apr.04 Sales Return and Allowances $ 500 Accounts Receivable $ 500 To record the sales return) Apr.04 No Journal Entry required (In periodic system Inventor is not adjusted at the time of sale) Apr.08 Accounts Receivable $ 1,600 Sales Revenue $ 1,600 To record the sale on account Apr.08 No Journal Entry required (In periodic system Inventor is not adjusted at the time of sale) Apr.11 Cash (4200-500) $ 3,700 Accounts Receivable $ 3,700 To record the collection on account) If it is not n/30, then 2% sales discount will be given & debited and rest amount will be collected