Question

Recording sales, returns, and discounts taken LO P2

Answer 1

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

                                       DEBIT        CREDIT

April 01

Account Receivable      $3,800  

Sales                                                 $3,800

Apr - 01

Cost of Goods Sold       $2,280

Merchandise                              $2,280

Apr - 04

Sales Return                    $460  

Account Receivable                           $460

Apr - 04

Merchandise                    $276  

Cost of Goods Sold                             $276

Apr - 08

Account Receivable       $1,400  

Sales                                                     $1,400

Apr - 08

Cost of Goods Sold         $980  

Merchandise                                        $980

Apr - 11

Cash                               $3,340

Account Receivable                             $3,340