This exercise reviews the journal entries to record sales of merchandise inventory under a periodic inventory system.
A list of transactions for the Randy Travis Sales Company appears below. A periodic inventory system is used.
|
July 17 |
Sold merchandise with a cost of $300 to Eric Nelson for cash, $520. |
|
18 |
Sold merchandise with a cost of $340 to Guy Sellars for $580, terms 2/10, n/30. |
|
23 |
Issued a credit memo for $80 to Guy Sellars because of a sales allowance granted to him due to the inferior quality of goods sold to him on July 18. |
|
26 |
Received payment from Guy Sellars for amount due for sale of July 18. |
|
27 |
Sold merchandise to Jason Zahner, $200, terms n/30. The merchandise cost $120. |
|
Aug. 25 |
Received payment in full from Jason Zahner. |
|
Sept. 5 |
Sold merchandise to Andrea Brotherly, $600, terms 2/10, n/30. The merchandise cost $350. |
|
22 |
Received payment from Andrea Brotherly for amount due for sale of Sept. 5. |
Instructions
Prepare the journal entries to record these transactions on the books of the Randy Travis Sales Company.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
