Journalize the following sales transaction for Antique Mall. Explanations are not required. Jan...

Question:

Journalize the following sales transaction for Antique Mall. Explanations are not required.

Jan 4 Sold $12,200 of antiques on account, credit terms are 3/25, n/30. Cost of good is $6,400

8 Received a $400 sales return on damaged goods from the customer. Cost of goods damaged is $210.

13 Antique Mall receives payment from the customer on the amount due from Jan. 4 less the return and discount.

20 Sold $4,800 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods $1,200

20 Antique Mall paid $100 on freight out

25 Antique Mall negotiated $300 allowance on the goods sold on Jan. 20.

29 Receives payment from the customer on the amount due from Jan. 20, less the allowance and discount.

Journalize Series of Sales-Related Transactions

A very important skill to learn in financial accounting is to understand how to record sales-related transactions with entries in the general ledger. These entries include everything from recording the original sale to recording sales returns and allowances to recording early payment sales discounts. These entries include recording the cost of sale related to each sale if the inventory records are being recorded under the perpetual inventory recording system.

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Journalize the following sales transaction for Antique Mall. Explanations are not required.


Jan 4 Sold $12,200 of antiques on account, credit terms...

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Recording Sales Using the Perpetual System

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Chapter 6 / Lesson 8
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Each transaction that occurs in a business has an impact on at least two or more accounts. Because of that, recording transactions is essential. In this lesson, you will learn about recording sales transactions using the perpetual inventory system.


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