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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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