Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the following sales transactions for Antique Mall. Explanations are not
E5-21 Jo
required. The company estimates sales returns at the end of each month.
Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods
Jan. 4
is $8,000.
Received a $300 sales return on damaged goods from the customer. Cost
8.
of goods damaged is $150.
13 Antique
Antique Mall received payment from the customer on the amount due
from Jan. 4, less the return.
20
Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB
destination. Cost of goods is $2,450.
Antique Mall paid $70 on freight out.
20
Received payment from the customer on the amount due from Jan. 20,
29
less the discount.
Transcribed Image Text:Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.
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