On November 1, 2012, Everett Janitorial Supply sold merchandise for $5,000, FOB destination, 2/10, n/30. The merchandise cost $3,200. Everett paid transportation costs of $100. On November 6, 2012, merchandise of $1,000 from the November 1 sale was returned. The returned merchandise had cost $600. Please provide the two journal entries to record the return.
Definitions:
Adjustments Columns
Columns in a worksheet used to record entries for the adjustment of accounts at the end of a period, prior to preparing financial statements.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Adjusted Trial Balance
A list of all account titles and balances after adjusting entries have been made, serving as a check before preparing financial statements.
Partial Worksheet
A preliminary financial document used internally to prepare for the completion of the full financial statements.
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