Answer:
A.
Dec. 28, 20Y3
Dr Account receivable - Beasley co. 18,500
Cr Sales 18,500
Dec. 28, 20Y3
Dr Cost of goods sold 11,200
Cr Inventory 11,200
B.
Jan. 3, 20Y4
Dr Sales return and allowance 4,000
Cr Account receivable - Beasley co. 4,000
Jan. 3, 20Y4
Dr Inventory 2,350
Cr Cost of goods sold 2,350
C. Jan. 7, 20Y4
Dr Cash 14,210
Dr Sales discount 290
Cr Account receivable - Beasley co. 14,500
Explanation:
A. Preparation of the Journal to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system
Dec. 28, 20Y3
Dr Account receivable - Beasley co. 18,500
Cr Sales 18,500
Dec. 28, 20Y3
Dr Cost of goods sold 11,200
Cr Inventory 11,200
B. Preparation of the journal entries to record the merchandise returned
Jan. 3, 20Y4
Dr Sales return and allowance 4,000
Cr Account receivable - Beasley co. 4,000
Jan. 3, 20Y4
Dr Inventory 2,350
Cr Cost of goods sold 2,350
C. Preparation of Journal entry to record the receipt of the amount due
Jan. 7, 20Y4
Dr Cash 14,210
[(18,500-4,000)-(18,500-4,000)*2% ]
Dr Sales discount 290
[(18,500-4,000)*2% ]
Cr Account receivable - Beasley co. 14,500
(18,500-4,000)
