View History Bookmarks Window Help nbox 6647 messages 1794 u

View History Bookmarks Window Help nbox (6,647 messages, 1,794 unread e Nick Soloma Mendocino farms ALEKS punchase instructions FIN 360-Spring 2018-FIN 360L SP18 001-4 ALEKS s anos 8teost onind [ Engish I ) Griffin Douglas Question #3 Joumalize the following transactions for Jenkins Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. March 5 Sold goods costing $3,600 to Bailey Company for cash, $6,000 March 11 Bailey Company returned undamaged merchandise, purchased on March 5, for a cash refund, $520 5 6 8

Solution

  In the books of Jenkins Company :-

3600

Date	Accounts title	Dr.	Cr.
Mar 5	Cash	6000
	cost of goods sold	3600
	To Sales		6000
	To Merchandise Inventory		3600
Mar 11	Sales returns and allowances	520
	To cash		520