Question

Prepare the journal entry for the following (1) Oct. 17 sale. The merchandise sold had a cost of $3,000. (2) Oct. 23 sales return. The merchandise returned had a cost of $100. (2) Oct. 28 collection. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit Oct. (1) 17 Accounts Receivable 5000 Sales Revenue 5000 (To record credit sale) Cost of Goods Sold 5000 Inventory 5000 (To record cost of good sold) (2) Oct. Sales Returns and Allowances 400 23 Accounts Receivable 400 (To record credit granted for returned goods) Inventory 400 Cost of Goods Sold 400 (To record cost of good returned) (3) Oct. Cash 500 28 Accounts Receivable 500 500

          Prepare the journal entry for the following
(1)
Oct. 17 sale. The merchandise sold had a cost of $3,000.
(2) Oct. 23 sales return. The merchandise returned had a cost of $100.
(2)
Oct. 28 collection.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually)
No. Date Account Titles and Explanation	Debit	Credit
Oct.
(1)
17	Accounts Receivable		5000
Sales Revenue		5000
(To record credit sale)
Cost of Goods Sold	5000
Inventory		5000
(To record cost of good sold)
(2)
Oct.
Sales Returns and Allowances	400
23	Accounts Receivable		400
(To record credit granted for returned goods)
Inventory	400
Cost of Goods Sold		400
(To record cost of good returned)
(3)
Oct.
Cash	500
28	Accounts Receivable		500
500

Prepare the journal entry for the following
(1)
Oct. 17 sale. The merchandise sold had a cost of 3,000.
(2) Oct. 23 sales return. The merchandise returned had a cost of100.
(2)
Oct. 28 collection.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually)
No. Date Account Titles and Explanation Debit Credit
Oct.
(1)
17 Accounts Receivable 5000
Sales Revenue 5000
(To record credit sale)
Cost of Goods Sold 5000
Inventory 5000
(To record cost of good sold)
(2)
Oct.
Sales Returns and Allowances 400
23 Accounts Receivable 400
(To record credit granted for returned goods)
Inventory 400
Cost of Goods Sold 400
(To record cost of good returned)
(3)
Oct.
Cash 500
28 Accounts Receivable 500
500

Added by Christine G.

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