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Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system
Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr 12: Sold computers on account for $8,500 to a customer, terms 1/15, n /60. The cost of the computers is $5,100. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Date More Info - X Apr 12 April 12 Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. 21 Accepted a $3,500 return from a customer from April 12. The computer returned had a cost of $2,100 26 Received payment from the customer on balance due Choose from any list or en Print - Done 4 parts remaining Check Answer
Expert Solution
| Date | Account title | debit | credit |
| April 12 | Account recievables | 8,415 | |
| sales revenue | 8,415 | ||
| April 21 | Sales return | 3,465 | |
| Accounts recievables | 3,465 | ||
| April 26 | Cash | 4,950 | |
| Accounts recievables | 4,950 |
working note:
April 12
8,500-(8,500*0.01) =8,415
April 21
3,500-(3,50*0.01) = 3,465
April 26
8,415 - 3,465 = 4,950
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