Question

a. Sold merchandise for cash (cost of merchandise $28,797). $ 51,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). 600 c. Sold merchandise (costing $4,750) to a customer on account with terms n/60. 10,000 d. Collected half of the balance owed by the customer in (c). 5,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.

Answer 1

I guess that you need the journal entries:

a.

Dr Cash 51,200

Cr Sales revenue 51,200

Dr COGS 28,797

Cr Inventory 28,797

b.

Dr Sales revenue 600

Cr Cash 600

Dr Inventory 360

Cr COGS 360

c.

Dr Accounts receivable 10,000

Cr Sales revenue 10,000

Dr COGS 4,750

Cr Inventory 4,750

d.

Dr Cash 5,000

Cr Accounts receivable 5,000

e.

Dr Sales allowances

Cr Accounts receivable