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Customer refunds, allowances, and returns On February 18, Silverman Enterprises sold $24,000 of merchandise to Brewster...

Customer refunds, allowances, and returns

On February 18, Silverman Enterprises sold $24,000 of merchandise to Brewster Co. with terms 2/10, n/30. The cost of the merchandise sold was $12,200. On February 23, Silverman Enterprises issued Brewster Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $3,000, and the merchandise originally cost Silverman Enterprises $1,800.

a. Journalize the entries by Silverman Enterprises to record the February 18 sale. If an amount box does not require an entry, leave it blank.

Feb. 18 fill in the blank 1a79ad007fd5042_2 fill in the blank 1a79ad007fd5042_3
fill in the blank 1a79ad007fd5042_5 fill in the blank 1a79ad007fd5042_6
Feb. 18 fill in the blank 1a79ad007fd5042_8 fill in the blank 1a79ad007fd5042_9
fill in the blank 1a79ad007fd5042_11 fill in the blank 1a79ad007fd5042_12

b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Brewster Co. on February 23. If an amount box does not require an entry, leave it blank.

Feb. 23 fill in the blank 570744f84051015_2 fill in the blank 570744f84051015_3
fill in the blank 570744f84051015_5 fill in the blank 570744f84051015_6
Feb. 23 fill in the blank 570744f84051015_8 fill in the blank 570744f84051015_9
fill in the blank 570744f84051015_11 fill in the blank 570744f84051015_12

c. Journalize the entry by Silverman Enterprises to record the payment of the amount due by Brewster on February 28. If an amount box does not require an entry, leave it blank.

Feb. 28 fill in the blank 70adb802cfa907d_2 fill in the blank 70adb802cfa907d_3
fill in the blank 70adb802cfa907d_5 fill in the blank 70adb802cfa907d_6
Business   Accounting   
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Answer #1
a 18-Feb Accounts receivable 24000
To sales 24000
Cost of goods sold 12200
To inventory 12200
b 23-Feb Sales return and allowances 3000
To accounts receivable 3000
Inventory 1800
To cost of goods sold 1800
C 28-Feb Cash 20580
Discount 420
To accounts receivable 21000
(with discount)
C 28-Feb Cash 21000
To accounts receivable 21000
(without discount)
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