Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June 2Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700.June 4General Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110.June 13General Sports Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned.Prepare the journal entries that Craig's Snowboards must make to record these transactions.
What will be an ideal response?
| June 2 | Accounts receivable | 4,800 | ? |
| ? | Sales | ? | 4,800 |
| ? | Cost of goods sold | 2,700 | ? |
| ? | Merchandise inventory | ? | 2,700 |
| ? | ? | ? | ? |
| June 4 | Sales returns and allowances | 200 | ? |
| ? | Accounts receivable | ? | 200 |
| ? | Merchandise inventory | 110 | ? |
| ? | Cost of goods sold | ? | 110 |
| ? | ? | ? | ? |
| June 13 | Cash | 4,554 | ? |
| ? | Sales discounts | 46 | ? |
| ? | Accounts receivable | ? | 4,600 |
| ? | ? | ? | ? |
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