Customer return and refundOn December 28, 20Y3, Silverman Enterprises sold $19,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,400. On December31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a creditmemo for returned merchandise. The invoice amount of the returned merchandise was $4,200 and the merchandise originally cost Silverman Enterprises $2,400.a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount boxdoes not require an entry, leave it blank.20Y3 Dec. 28 Accounts Receivable-Beasley Co. VSales20Y3 Dec. 28Cost of Goods Sold vInventory vFeedbackCheck My Workb. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry,leave it blank.Customer Refunds Payable v20Y4 Jan. 3Accounts Receivable-Beasley Co. V20Y4 Jan. 3 Inventory vEstimated Returns Inventory v Customer Refunds Payable v20Y4 Jan. 3Accounts Receivable-Beasley Co. V20Y4 Jan. 3 InventoryEstimated Returns Inventory vFeedbackCheck My Workc. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4. If an amount box does not require an entry, leave it blank.88Cash20Y4 Jan. 7Accounts Receivable-Beasley Co.FeedbackV Check My WorkTo record returned inventory, a current asset account for the estimated amount of merchandise that will be returned by customers is used.FeedbackCheck My Work

Name: Customer return and refundOn December 28, 20Y3, Silverman Enterprises
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Description: Customer return and refundOn December 28, 20Y3, Silverman Enterprises sold $19,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,400. On December31, 20Y3, Silverman prepared its adjusting entries, yearly fin

Meaning of Inventory Inventory are the goods which are held by the company for the purpose of…

Business

Accounting

a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank.

a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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