42) Journalize the following transactions (using the perpetual inventory method). Paid $230 cash for freight in on merchandise purchased. 43) Journalize the...

42) Journalize the following transactions (using the perpetual inventory method). Paid $230 cash for freight in on merchandise purchased.

43) Journalize the following transactions (using the perpetual inventory method). Purchased merchandise on account for $4,300.

Learning Objective 5-3

1) A sales return is recorded with a credit to Inventory.

2) A sales return is recorded with a credit to Accounts receivable.

3) A sales allowance is recorded with a credit to Accounts receivable.

4) A sales allowance is recorded with a debit to Inventory.

5) A company uses the perpetual inventory method. To record a sale of merchandise on account will require an entry to record revenue and an entry to record cost of goods sold.

6) Net sales revenue is equal to Sales revenue less Sales returns and allowances, and Sales discounts.