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Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system

Accounting Jan 22, 2021

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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