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Natalka [10]
3 years ago
10

On Jan. 3, Gourmet Cakes sold $15,000 of merchandise on account to Jerry Hines. On Jan. 10, Jerry returned $2,000 of the merchan

dise because they bought too much. Assuming the cost of the returned merchandise to Gourmet Cakes was $500 and they use a perpetual inventory system, the journal entry on Jan. 10, to record the return of the merchandise from Jerry Hines, would be:
Business
1 answer:
Sonja [21]3 years ago
4 0

Answer:

sales returns & allowance     2,000 debit

            accounts receivables              2,000 credit

Inventory                                    500 debit

             COGS                                        500 credit

-to record the return of goods from Jerry Hines--

Explanation:

As the returned goods are not reported as failure or malfunction just; the customer returned as exceeds his needs, we can return them to goods ready to sale thus; inside inventory account.

We will decrease the account receivable, our COGS and increase our inventory

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