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LG  22-4,  continued

Seller Company

June 11        Accounts Receivable      15,000                   Sales                15,000           Cost of Goods Sold   12,000                          Merchandise Inventory               12,000                                12        Accounts Receivable    9,200                   Cash                200                 Sales                9,000         Cost of Goods Sold         7,500                   Merchandise Inventorye        7,500                15        Sales Returns and Allowances     5,000                   Accounts Receivable       5,000          Merchandise Inventory   4,000                      Cost of Goods Sold       4,000                      17        Accounts Receivable   5,000                   Sales               5,000          Cost of Goods Sold     3,000                        Merchandise Inventory      3,000              20       Cash     9,800           Sales Discounts   200                     Accounts Receivable     10,000                      22        Cash   9,110             Sales Discounts   90                      Accounts Receivable     9,200              27        Cash   3,920             Sales Discounts   80                      Accounts Receivable     4,000              29        (No entry by seller)

  

Learning Goal 22: Explain and Use the Perpetual Inventory Method

S3

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