How to record the transaction of Sale Return of Goods/Merchandise in Accounting?
How to record the transaction of Sale Return of Goods/Merchandise in Accounting?
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The following transactions wereselected from the records of Evergreen Company: |
July 12 | Sold merchandise to Wally Butler, who paid the $1,000 purchasewith cash. The goods cost Evergreen Company $600. |
15 | Sold merchandise to Claudioâs Chair Company at a selling priceof $5,000 on terms 3/10, n/30. The goods cost Evergreen Company$3,500. |
20 | Sold merchandise to Ottoâs Ottomans at a selling price of $3,000on terms 3/10, n/30. The goods cost Evergreen Company $1,900. |
23 | Collected payment from ClaudioâsChair Company from the July 15 sale. |
Aug.25 | Collected payment from OttoâsOttomans from the July 20 sale. |
Required: |
Prepare journal entries to record the transactions, assumingEvergreen Company uses a perpetual inventory system. (If noentry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.) |