21) When a retailer sells merchandise on account, the general entry for the sale would be a:
22) What is the journal entry to record the company's cost of selling merchandise under a perpetual inventory system?
23) Cary, a customer of ABC Retail, returned $45 of goods that were purchased on account. Under the perpetual inventory system, the journal entry to record the return by the customer will include a:
24) Calculate Net Sales with the following information: Sales of $400,000, Sales Returns and Allowances of $45,000, and Sales Discounts of $38,000
25) Journalize the following transactions using the periodic inventory method.
Nov. 1. Sold $3,400 of inventory for $4,500 to Jany Smith with terms 2/10, n/3.0
Nov. 10Sold $4,700 of inventory for $6,100 for Owen Corp. with terms 2/15, n/30.
Nov. 12 Received payment in full from Jany Smith for the Nov. 1 sale.
Nov. 15 Granted Owen Corp. an allowance of $800 for Nov. 10 transaction for minor
defects in the goods shipped.
Nov. 20 Received payment in full from Owen Corp. for the Nov. 10 sale.