Question

Record the following transactions in General Journal format for Rogers Electrical Supply:

April 23 - Sold merchandise on account to Reds Hardware Store, Invoice No. 7703, $3,410 (the cost of the merchandise sold is $1,345)

May 2 - Reds Hardware Store returned $810 of the merchandise, Rogers Electrial Supply issued credit memo no. 110

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
	Account Receivable	$                     3,410
April , 23	To Sales		$                       3,410
	(To Record the sales of merchandise inventory)
	Cost of Goods Sold	$                     1,345
April , 23	To Merchandise		$                       1,345
	(To Record the cost of goods sold)
	Sales Returns	$                        810
May , 02	To Account Receivable		$                           810
	(To Record the Sales Return )
	Merchandise (1345 / 3410) = 39.44% of $ 810 =	$                        319
	To Cost of Goods Sold		$                           319
May , 02	(To Record the Cost of Goods Sold for Sales return )