Question

Dec 4: p Dec 23: Ceres Computer Sales company uses the perpetual inventory system. It records...

Dec 4: p

Dec 23:

Ceres Computer Sales company uses the perpetual inventory system. It records the selling price of merchandise returns by customers in a Sales returns and allowances account. Prepare the general journal entries to record the following merchandise sales transactions that occurred in the month of December.

Dec 1: sold merchandise on credit

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #2

Answer-If we are selling goods on credit then journal entry for this will be:-

Date Account Title and Explanation Debit Credit
Account Receivable -
Sales Revenue -
(To record sold merchandise on credit)

Sales Returns and Allowances Journal Entries

For credit sales or sales on account, the amount is removed from the receivable balance by crediting the customer's account:

Date    Account Title and Explanation Debit    Credit
Sales Returns and Allowances xx.xx
Accounts Receivable xx.xx
(To record merchandise inventory return)
answered by: anonymous
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Hahn Flooring Company uses a perpetual inventory system. A. Sales returns of $125,000 and merchandise returns...
Hahn Flooring Company uses a perpetual inventory system. A. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. B. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Journalize the December 31 adjusting entries based on the above transactions. Assume that the inventory shrinkage is a normal amount. Refer to the Chart of Accounts for exact wording of account titles.
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $6,100. Freight charges of $850 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,150 and John’s account was credited by the supplier. Merchandise costing $3,350 was sold for $6,300 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,500. Freight charges of $1,050 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,350 and John’s account was credited by the supplier. Merchandise costing $3,550 was sold for $6,700 in cash. Required: Prepare the necessary journal entries to record these transactions. 1.) Record...
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny...
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny returned $250 worth of the merchandise which had a cost of $150. Which of the following journal entries records the cost of merchandise returned? a.A debit to Cost of Goods Sold of $150, a credit to Merchandise Inventory of $150 b.A debit to Merchandise Inventory of $150, a credit to Cost of Goods Sold of $150 c.A debit to Accounts Receivable of $250, a...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Monty Ltd. sold goods to Grouper Corp. for $64,800, terms n/15, FOB shipping point. The inventory had cost Monty $34,400. Monty’s management expected a return rate of 3% based on prior experience. 7 Shipping costs of $880 were paid by the appropriate company. 8 Grouper returned unwanted merchandise to Monty. The returned merchandise has a sales price of $2,000, and a cost of $1,080....
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John’s account was credited by the supplier. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory...
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $22,000 of merchandise, that cost $16,600, on MasterCard credit cards. MasterCard charges a 5% fee. Sold $5,200 of merchandise, that cost $3,100, on an assortment of bank credit cards. These cards charge a 4% fee.
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Flounder Ltd. sold goods to Novak Corp. for $70,000, terms n/15, FOB shipping point. The inventory had cost Flounder $37,200. Flounder’s management expected a return rate of 3% based on prior experience. 7 Shipping costs of $960 were paid by the appropriate company. 8 Novak returned unwanted merchandise to Flounder. The returned merchandise has a sales price of $2,160, and a cost of $1,160....
he following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
he following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Swifty Ltd. sold goods to Blue Spruce Corp. for $81,700, terms n/15, FOB shipping point. The inventory had cost Swifty $43,500. Pictou’s management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,140 were paid by the appropriate company. 8 Blue Spruce returned unwanted merchandise to Swifty. The returned merchandise has a sales price of $2,520, and a cost...
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory...
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $37,000 of merchandise, which cost $28,600, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,700 of merchandise, which cost $3,850, on an assortment of bank credit cards. These cards charge a 4% fee. Sold $6,700 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. Enter journal entry.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT