Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
$$\begin{array} { | l | l | }
\hline \text { April } 2 & \begin{array} { l }
\text { Sold merchandise to Happy Hobby Shop on credit for } \$ 4,800 , \text { terms } 1 / 15 , \
\text { n/60. The items sold had a cost of } \$ 2,700
\end{array} \
\hline \text { April } 4 & \begin{array} { l }
\text { Happy Hobby Shop returned merchandise that had a selling price of } \$ 200 . \
\text { The cost of the rnerchandise returned was } \$ 110 .
\end{array} \
\hline \text { April } 13 & \begin{array} { l }
\text { Happy Hobby Shop paid for the merchandise sold on April } 2 , \text { taking any } \
\text { appropriate discount earned. }
\end{array} \
\hline
\end{array}$$
Prepare the journal entries that Steve's Skateboards must make to record these transactions.

Question

Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
 $$\begin{array} { | l | l | } 
\hline \text { April } 2 & \begin{array} { l } 
\text { Sold merchandise to Happy Hobby Shop on credit for } \$ 4,800 , \text { terms } 1 / 15 , \
\text { n/60. The items sold had a cost of } \$ 2,700
\end{array} \
\hline \text { April } 4 & \begin{array} { l } 
\text { Happy Hobby Shop returned merchandise that had a selling price of } \$ 200 . \
\text { The cost of the rnerchandise returned was } \$ 110 .
\end{array} \
\hline \text { April } 13 & \begin{array} { l } 
\text { Happy Hobby Shop paid for the merchandise sold on April } 2 , \text { taking any } \
\text { appropriate discount earned. }
\end{array} \
\hline
\end{array}$$ 
Prepare the journal entries that Steve's Skateboards must make to record these transactions.

Quizplus · Accepted Answer

The Answer of Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
 $$\begin{array} { | l | l | } 
\hline \text { April } 2 & \begin{array} { l } 
\text { Sold merchandise to Happy Hobby Shop on credit for } \$ 4,800 , \text { terms } 1 / 15 , \
\text { n/60. The items sold had a cost of } \$ 2,700
\end{array} \
\hline \text { April } 4 & \begin{array} { l } 
\text { Happy Hobby Shop returned merchandise that had a selling price of } \$ 200 . \
\text { The cost of the rnerchandise returned was } \$ 110 .
\end{array} \
\hline \text { April } 13 & \begin{array} { l } 
\text { Happy Hobby Shop paid for the merchandise sold on April } 2 , \text { taking any } \
\text { appropriate discount earned. }
\end{array} \
\hline
\end{array}$$ 
Prepare the journal entries that Steve's Skateboards must make to record these transactions.

Steve's Skateboards Uses the Perpetual Inventory System and Had the Following