Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 47

Refer to QS 5-7 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
Reference: QS 5-7
Prepare journal entries to record each of the following sales transactions of a merchandising company.Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1.The cost of the merchandise is $1,800.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise,which had cost $360, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.