More Info Jan 4 Sold 15000 of antiques on account credit ter

More Info Jan. 4 Sold $15,000 of antiques on account, credit terms are n/30. Cost of goods is $7,500. 8 Received a $400 sales return on damaged goods from the customer. Cost of goods damaged is $200 13 Vintage World received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $5,300 of antiques on account, credit terms are 2/10, n/45, FOE destination. Cost of goods is $2,650. 20 Vintage World paid $120 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount. PrintDone

Solution

Journal entries: Date Accounts title and explanations Debit $ Credit $ 4-Jan Accounts receivable 15000       Sales revenue 15000 Cost of Goods sold Account Dr. 7500       Inventory Account 7,500 8-Jan Sales return and allowance Dr. 400      Accounts receivable 400 Inventory Account Dr. 200       Cost of Goods ssold 200 13-Jan Cash account Dr. 14600     Accounts receivable 14,600 20-Jan Accounts receivable 5300       Sales revenue 5300 Cost of Goods sold Account Dr. 2650      Inventory Account 2650 20-Jan Freight out expense Account Dr. 120       Cash account 120 29-Jan Cash Account Dr. 5194 Sales discount Account Dr. (5300*2%) 106       Accounts receivable 5300