Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 8.00

perpetual system

QS 5-4 Recording sales-perpetual system L.O. P2 Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,400. Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. Prepare journal entries to record each of the above sales transactions of a merchandising company. Assume a perpetual inventory system. (Omit the "$" sign in your response.) Date General Journal Debit Credit Apr. 1 To record credit sale To record cost of credit sale. Apr. 4 To record sales return Restore cost of returned goods to inventory Apr. 11

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Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 05:09 PM My Price 8.00

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