Respuesta :
Answer and Explanation:
The journal entries are shown below;
On June 3, 2020
Accounts receivable $7,400
To Sales revenue $7,400
(being sales is recorded)
Cost of goods sold $6,660
To Inventory $6,660
(Being cost of goods sold is recorded)
On June 8, 2020
Sales returns and Allowance $300
To Inventory $300
(Being sales returns is recorded)
Inventory ($300 × ($6,660 ÷ $7,400)] $270
To Cost of goods sold $270
[Being cost of goods returned is recorded)
Delivery expense $24
To Cash $24
(Being the freight cost is recorded)
On July 16, 2020
Cash ($7,400 - $300) $7,100
To Accounts receivable $7,100
(Being collections from customers is recorded)
