Question

Steve's Skateboards uses the periodic inventory system and had the following sales transactions during April:

April 2 Sold inventory to Happy Hobby Shop on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700.

April 4 Happy Hobby Shop returned inventory that had a selling price of $200. The cost of the inventory returned was $110.

April 13 Happy Hobby Shop paid for the inventory sold on April 2, taking any appropriate discount earned

Required:

Prepare the journal entries to record these transactions on the books of Stevens Skateboards.

Answer

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