Answer: please find the explanation column for answers
Explanation:
journal entry to record the sales transaction of a merchandising company:
Date Account Debit Credit
Apr 1 Account receivables $5,400
Sales $5,400
To record cost of goods sold
Apr 1 Cost of merchandise sold $3,240
Merchandise inventory $3,240
2. To record sales return of goods.
Date Account Debit Credit
Apr 4 Sales Return $620.00
Account Receivable $620.00
Cost of merchandised returned
Apr 4 Merchandise Inventory $372.00
Cost of Goods Sold $372.00
3.To Record Sales made from merchandise
Date Account Debit Credit
Apr 8 Account Receivable $2,200.00
Sales $2,200.00
To Record cost of merchandise Sold
Apr 8 Cost of Goods Sold $1,540.00
Merchandise Inventory $1,540.00
4.Journal to record payment received from sales of merchandise
Date Account Debit Credit
Apr 11 Cash $4,780.00
Account receivable $4,780.00
Calculation
Amount due from Apr 1 st sale less than return on April 4 =Account receivables - Sales Return= $5,400- $620=$4,780.00
