Apr. 1 sold merchandise for $3,000, with credit terms n/30; invoice dated april 1. the cost of the merchandise is $1,800. apr. 4 the customer in the april 1 sale returned $300 of merchandise for full credit. the merchandise, which had cost $180, is returned to inventory. apr. 8 sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated april 8. cost of the merchandise is $700. apr. 11 received payment for the amount due from the april 1 sale less the return on april 4.

Explanation:

The Journal Entry is shown below:-

April 1

Account receivable Dr,     $3,000

        To Sales revenue                   $3,000

(Being the sales on account is recorded)

  Cost of goods sold Dr,          $1,800

         To Merchandise inventory  $1800

(Being cost of goods sold is recorded)

April 4

Sales return and allowances Dr,       $300

         To Accounts receivable                  $300

(Being merchandise returned is recorded)

     Merchandise inventory Dr,    $180  

           To Cost of goods sold       $180

(Being cost of merchandise returned is recorded)

April 8

Accounts receivable Dr,             $1,000  

Sales revenue                              $1,000

(Being sales on account is recorded)

Cost of goods sold Dr,                    $700  

Merchandise inventory                     $700

(Being cost of goods sold is recorded)

April 11

Cash                                       $2,700  

Accounts receivable                  $2,700

(Being collection on account is recorded)

$2.00 for three shots.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi