Reference no: EM132708007
Question - Customer refunds, allowances, and returns
On February 18, Silverman Enterprises sold $24,000 of merchandise to Brewster Co. with terms 2/10, n/30. The cost of the merchandise sold was $12,200. On February 23, Silverman Enterprises issued Brewster Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $3,000, and the merchandise originally cost Silverman Enterprises $1,800.
Required -
a. Journalize the entries by Silverman Enterprises to record the February 18 sale. If an amount box does not require an entry, leave it blank.
b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Brewster Co. on February 23. If an amount box does not require an entry, leave it blank.
c. Journalize the entry by Silverman Enterprise.
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