21 Jan Using the information in QS 8 through QS 10, prepa
Using the information in QS 8 through QS 10, prepare journal entries to record each of the transactions of the merchandising companies assuming a periodic inventory system. In QS 8 Sept. 1 Sold merchandise to JenAir for $6,000 (cost of sales $4,200); terms 2/10, n/30. 14 Collected the amount owing regarding the September 1 sale to JenAir. 15 Sold merchandise costing $1,500 to Dennis Leval for $1,800; terms 2/10, n/30. 25 Collected the amount owing from the September 15 sale to Dennis Leval, less the applicable discount. In QS 9 Oct. 15 Sold merchandise to Leslie Garth for $900 (cost of sales $600); terms 1IS, n/20. 16 Issued a $100 credit memorandum to Leslie Garth regarding an allowance on the October 15 sale. 25 Collected the amount owing regarding the October 15 sale to Leslie Garth, less the allowance granted on October 16. In QS 10 Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, EOM. The cost of the merchandise was $1,400. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, was returned to inventory. 11 Received payment for the amount due resulting from the April 1 sale, less the return and applicable discount, on April 4
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