- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 1 (66.24 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 2 (67.66 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 3 (61.31 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 4 (54.75 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 5 (62.53 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 6 (59.62 KiB) Viewed 9 times
- 1 2 3 Date May 01 Note Enter Debits Before Credits 4 5 Sold Merchandise For 600 With Credit Terms N 60 6 General 7 (16.58 KiB) Viewed 9 times
The cost of the merchandise is $400. Note: Enter debits before credits. Date May 01 Record entry General Journal Clear entry Debit Credit View general jou
The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $40 to compensate for the defects. Note: Enter debits before credits. Date May 09 General Journal Debit Credit
The customer in the May 1 sale returned $75 of merchandise for full credit. Note: Enter debits before credits. Date Jun 04 Record General Journal Debit Credit
The merchandise, which had cost $50, is returned to inventory. Note: Enter debits before credits. Date Jun 04 General Journal Debit Credit
Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return. Note: Enter debits before credits. Date Jun 30 Record General Journal Debit Credit
Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 Sold merchandise for $600, with credit teras n/60. The cost of the merchandise is $400. May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $40 to compensate for the defects. June 4 The customer in the May 1 sale returned $75 of merchandise for full credit. The serchandise, which had cost $50, is returned to inventory. June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return.