ALEKS Week 7 Special journals Sellers Entries - ALEKS Print Special journals Seller's entries Examine the following transaction for Cellar Company

ALEKS Week 7 Special journals Sellers Entries - ALEKS...

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5/8/2018 ALEKS ; 1/2 Print Special journals: Seller's entries Examine the following transaction for Cellar Company, which uses the gross method of recording sales of merchandise and a perpetual inventory system . Transaction: On November 19, defective merchandise previously purchased by Gone Company on account for $2050 was returned to Cellar Company before the due date. The goods were damaged and had no resale value. Required: (a) Select the appropriate special journal in which the transaction should be entered. (b) Enter the transaction in that journal. Select the special journal General Journal. Any transaction that does not fit into any other special journal is entered into the general journal. There is no cash involved in this transaction (cash payments journal or cash receipts journal); this is not a purchase of something on account (purchases journal); this is not a sale on account (sales journal). In addition to returns of merchandise on account, adjusting entries,

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