Question

Suppose Cool Breeze Air Conditioner Company engaged in the following transactions during June of the current​ year: LOADING...​(Click the icon to view the​ transactions.) Requirement Journalize the transactions. Assume Cool Breeze uses a perpetual inventory system. The company estimates sales returns at the end of each month. ​(Record debits​ first, then credits. Select the explanation on the last line of the journal entry table. Assume the company uses the net amount to record​ sales.) 3 Purchased inventory on account with credit terms of 4​/10, ​n/EOM, $ 2,500. 9 Returned 30​% of the inventory purchased on June 3. It was defective. 12 Sold goods for​ cash, $ 960 ​(cost, $ 576​). 15 Purchased goods for $ 4,000 on account. Credit terms were 3​/15, ​n/30. 16 Paid a $ 300 freight bill on goods purchased. 17 Sold inventory for $ 3,500 cash​ (cost, $ 3 comma 210​). 18 Sold inventory for $ 2,500 on account with credit terms of 2​/10, ​n/30 (cost, $ 1,500​). 22 Received returned goods from the customer of the June 17​ sale, $ 1,500 ​(cost, $ 900​). 24 Paid supplier for goods purchased on June 15. 28 Received cash in full settlement of the account from the customer who purchased inventory on June 18. 29 Paid the amount owed on account from the purchase of June 3. 30 The company estimated that $ 300 of merchandise sold will be returned with a cost of $ 230.

Answer 1