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Prepare journal entries to record each sales transactions

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Question - Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method.

May 1 Sold merchandise for $940, with credit terms n/60. The cost of the merchandise is $570.

May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $74 to compensate for the defects.

June 4 The customer in the May 1 sale returned $160 of merchandise for full credit. The merchandise, which had cost $84, is returned to inventory.

June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return.

Reference no: EM133114211

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