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  • Record The Journal Entries For The Following Sales Transactions of Apache Industries Company Using Periodic and Perpetual Method

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    Mary Charmaine Realino
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    Apache Industries sold 10 computers for $870 each on November 7th, with a cost of $560 each, recording a sale of $8,700 and increasing accounts receivable and cost of goods sold. On November 14th, a customer returned 2 computers for a full refund of $1,120, decreasing accounts receivable and increasing inventory. On November 21st, the customer paid their $7,580 balance, decreasing accounts receivable and increasing cash.

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    Apache Industries sold 10 computers for $870 each on November 7th, with a cost of $560 each, recording a sale of $8,700 and increasing accounts receivable and cost of goods sold. On November 14th, a customer returned 2 computers for a full refund of $1,120, decreasing accounts receivable and increasing inventory. On November 21st, the customer paid their $7,580 balance, decreasing accounts receivable and increasing cash.

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    3 views1 page

    Record The Journal Entries For The Following Sales Transactions of Apache Industries Company Using Periodic and Perpetual Method

    Uploaded by

    Mary Charmaine Realino
    Apache Industries sold 10 computers for $870 each on November 7th, with a cost of $560 each, recording a sale of $8,700 and increasing accounts receivable and cost of goods sold. On November 14th, a customer returned 2 computers for a full refund of $1,120, decreasing accounts receivable and increasing inventory. On November 21st, the customer paid their $7,580 balance, decreasing accounts receivable and increasing cash.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Question 2

    Record the journal entries for the following sales transactions of Apache Industries
    Company using periodic and perpetual method.

    Nov.7
    Sold 10 computers on credit for P870 per computer. Terms of the sale are 5/10, n/60, invoice dated
    November 7. The cost per computer to Apache is P560.

    Accounts Receivables 8,700

    Sales 8,700

    Cost of Goods Sold 5,600

    Merchandise Inventory – Computer 5,600

    Nov.14
    The customer returned 2 computers for a full refund from Apache. Apache returns the computers
    to their inventory at full cost of P560 per computer.

    Sales Return 1,120

    Accounts Receivables 1,120

    Nov. 21

    The customer paid their account in full from the November 7 sale

    Cash 7,580

    Accounts Receivables 7,580

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