Gamegirl Inc., has the following transactions during August. August 6 Sold 72 handheld game devices for $210 each to DS Unlimited on account, terms 2/10, net 60. The cost of the 72 game devices sold, was $190 each. August 10 DS Unlimited returned seven game devices purchased on 6th August since they were defective. August 14 Received full amount due from DS Unlimited. Required:
Prepare the transactions for GameGirl, Inc., assuming the company uses a perpetual inventory system.

Aug 6

Dr Accounts Receivable$15,120

Cr Sales $15,120

Dr Cost of Goods Sold$13,680

Cr Inventory $13,680

Aug 10

Dr Sales Return$1,470

Cr Accounts Receivable $1,470

Aug 14

Dr Cash$13,513

Dr Sales Discount$137

Cr Accounts Receivable $13,650

Explanation:

Preparation of the transactions for GameGirl, Inc., assuming the company uses a perpetual inventory system.

Aug 6Accounts Receivable$15,120

Sales $15,120

(72*$210)

Dr Cost of Goods Sold$13,680

Cr Inventory $13,680

(72*$190)

Aug 10

Dr Sales Return$1,470

Cr Accounts Receivable $1,470

(7*$210)

Aug 14

Dr Cash$13,513

($13,650-$137)

Dr Sales Discount$137

Cr Accounts Receivable $13,650

Computation of Sales Discount:

Sales$15,120

Less: Sales Return$1,470

Total Sales$13,650

Multiply: Percentage of Discount1%

Sales Discount$137

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