S Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 6 October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above sales transactions of EcoMart Merchandising to prepare journal entries. View transaction list < Journal entry worksheet 1 2 3 4 5 6 7

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the
gross method.
October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the
merchandise is $1,150.
October 6
October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650.
October 30 Received payment for the amount due from the October 1 sale less the return on October 6.
Use the above sales transactions of EcoMart Merchandising to prepare journal entries.
<
The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise,
which had cost $115, is returned to inventory.
View transaction list
Journal entry worksheet
1
2
Date
October 01
3
Note: Enter debits before credits.
Record entry
4
5
Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1.
General Journal
6
Clear entry
7
Debit
Credit
View general journal
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above sales transactions of EcoMart Merchandising to prepare journal entries. < The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. View transaction list Journal entry worksheet 1 2 Date October 01 3 Note: Enter debits before credits. Record entry 4 5 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. General Journal 6 Clear entry 7 Debit Credit View general journal
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