Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase DiscountsSales Returns and AllowancesCost of Goods SoldPurchase Returns and AllowancesSales Tax PayablePLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.DR CR Aug. 18: Customer paid their account in full with cash.DR DR or CR? CR Using the accounts listed below, record journal entries for the following transactionsof Furniture Warehouse, which uses the perpetual inventory system:MerchandiseAccounts PayableSalesInventoryAccounts ReceivablePurchasesSales DiscountsSales Returns andCashPurchase DiscountsAllowancesPurchase Returns andCost of Goods SoldSales Tax PayableAllowancesPLEASE NOTE: You must enter the account names exactly as written above and alldollar amounts will be with "$" and commas as needed (i.e. $12,345).Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30,invoice date August 3; the couches cost Furniture Warehouse $150 each.DRMerchandise Invent$7,500CRAccounts Payable$7,500DRCR

Name: Using the accounts listed below, record journal entries for the follow
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Description: Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase

Journal entry is the process of documenting commercial transactions for the first time in the books…

Answered: Using the accounts listed below, record…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 2DQ: For each of the following accounts, identify whether the normal balance is a debit or a credit. Also...

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Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:

Accounts Payable	Merchandise Inventory	Sales
Accounts Receivable	Purchases	Sales Discounts
Cash	Purchase Discounts	Sales Returns and Allowances
Cost of Goods Sold	Purchase Returns and Allowances	Sales Tax Payable

PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.

DR

CR
DR

CR
Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.

DR

CR
DR

CR
Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.

DR

CR
Aug. 18: Customer paid their account in full with cash.

DR

DR or CR?

CR

Using the accounts listed below, record journal entries for the following transactions
of Furniture Warehouse, which uses the perpetual inventory system:
Merchandise
Accounts Payable
Sales
Inventory
Accounts Receivable
Purchases
Sales Discounts
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all
dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30,
invoice date August 3; the couches cost Furniture Warehouse $150 each.
DR
Merchandise Invent
$7,500
CR
Accounts Payable
$7,500
DR
CR

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