05 Jun Question Brief Exercise 72
Question
Brief Exercise 72
Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with
terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.
Prepare the required journal entries for Restin Co. (If no entry is required, select "No Entry" for the account titles
and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do
not indent manually.)
Date
June 1
June 12
Account
Titles
Deb Cred
and
it
it
Explanati
on
Brief Exercise 82
Matlock Company uses a perpetual inventory system. Its beginning inventory consists
of 50 units that cost $34 each. During June, (1) the company purchased 150 units at
$34 each, (2) returned 6 units for credit, and (3) sold 125 units at $50 each.
Journalize the June transactions. (If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
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