Gamegirl Inc., has the following transactions during August. August 6 Sold 82 ha

Question

Gamegirl Inc., has the following transactions during August. August 6 Sold 82 handheld game devices for $260 each to DS Unlimited on account, terms 3/10, net 60. The cost of the 82 game devices sold, was $240 each. August 10 DS Unlimited returned seven game devices purchased on 6th August since they were defective. August 14 Received full amount due from DS Unl Required: Prepare the transactions for GameGirl, Inc., assuming the company uses a perpetual inventory system. (If no entry is required for a transaction event, select "No journal entry required" in the first account field.) ournal entry worksheet Record the sale of inventory on account. Note: Enter debits before credits. General journal Debit Credit Date August 06 Record entry View general journal Clear entry

Explanation / Answer

No Date Accounts title Dr Cr 1 6-Aug Accounts Receivable 21320 Sales revenue (260*82) 21320 2 6-Aug Cost of Good sold 19680 Inventory (240*82) 19680 3 10-Aug Sales Return 1820 Accounts Receivable 1820 (7*260) Inventory 1680 Cost of Good sold (7*240) 1680 (this entry is for ypur understanding) 4 14-Aug Cash 18915 Sales Discount (19500*3%) 585 Accounts Receivable (75*260) 19500 If any doubt please comment

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