Prepare the necessary journal entries to record the following transactions, assuming eustace company uses a perpetual inventory system.
(a) eustace sells $45,000 of merchandise, terms 1/10, n/30. the merchandise cost $30,000.
(b) the customer in (a) returned $4,000 of merchandise to eustace. the merchandise returned cost $2,400.
(c) eustace received the balance due within the discount period.

Explanation:

The journal entries are shown below:

a. Accounts receivable A/c Dr $45,000

         To Sales revenue A/c $45,000

(Being merchandise sold on credit)

Cost of goods sold A/c Dr $30,000

    To Merchandise inventory A/c $30,000

(Being merchandise sold on cost)

b.  Sales return and allowance A/c Dr $4,000

               To Accounts receivable  $4,000

(Being sales return is recorded)

Merchandise inventory A/c Dr  $2,400

           To Cost of goods sold A/c  $2,400

(Being sales return is recorded)

c. Cash A/c Dr                 $40,590

   Sales Discount A/c Dr $410

     To  Accounts receivable    $41,000

(Being cash received recorded)

The computation of the account receivable  

= Credit sales - returned goods

= $45,000 - $4,000

= $41,000

And, the discount would be

= Accounts receivable × percentage given

= $41,000 × 1%

= $410

The remaining amount would be credited to the cash account.

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