Craig's Snowboards Uses the Perpetual Inventory System and the Gross

question 34

Essay

Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June:


$$\begin{array} { | l | l | } \hline \text { June } 2 & \begin{array} { l } \text { Sold merchandise to General Sports Store on eredit for \$4,800, terms } 1 / 15 , \\\text { n/60. The items sold had a cost of } \$ 2,700 .\end{array} \\\hline \text { June } 4 & \begin{array} { l } \text { General Sports Store returned merchandise that had a selling price of } \$ 200 . \text { Th } \\\text { cost of the merchandise returned was } \$ 110 .\end{array} \\\hline \text { June 13 } & \begin{array} { l } \text { General Sports Store paid for the merchandise sold on June } 2 \text { less the return, } \\\text { taking any appropriate discount earned. }\end{array} \\\hline\end{array}$$ Prepare the journal entries that Craig's Snowboards must make to record these transactions.

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