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Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations...

Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month.

Jan.Jan.

4

 Sold $15,000 of antiques on​ account, credit terms are​ n/30. Cost of goods is $7,500.

8

 Received a 100 sales return on damaged goods from the customer. Cost of goods damaged is $50.

13

Vintage World received payment from the customer on the amount due from Jan.​4, less the return.

20

 Sold $5,200 of antiques on​ account, credit terms are 22​/10, ​n/45, FOB destination. Cost of goods is $2,600.

20

Vintage World paid$90 on freight out.

29

 Received payment from the customer on the amount due from Jan ​20, less the discount.

Solutions

Expert Solution

Preparation of journal entries are as follows:-

ekkarill92 answered 2 years ago
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