Take 3,700 – 700 = 3,000 Now take 3,000 * 0.02 = 60 Now take 3000 – 60 = 2,940
Question # 12
Antique World uses a perpetual inventory system. Journalize the following sales transactions for
Explanations are not required. The company estimates sales returns at the end of each month.
first, then credits. Exclude explanations from journal entries. Assume the company records sales at
the net amount. Round all numbers to the nearest whole
Jan. 4 Sold $15,000 of antiques on account, credit terms are n/30. Cost of goods is $7,500.
Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense
related to the sale. We will do that in the following step.
Now journalize the expense related to the January 4 sale
of goods, $7,500.