Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the...

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Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold first. Martinez uses a perpetual inventory system and estimates returns of 5% on all sales. During the month of February 2022, the following transactions took place:

Feb.
4
 
Purchased 1,000 pairs for $20 each from Marigold Corp. on account, terms n/30.

11
 
Returned 100 pairs to Marigold for $2,000 credit because the shoes were the wrong size.

13
 
Sold 210 pairs for $90 each to Shoes for Kids, terms n/30.

18
 
Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory.

26
 
Paid Marigold the amount owing.

28
 
Received payment in full from the Shoes for Kids.

Record the February transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round Cost of goods sold and inventory return answers to 2 decimal places, e.g XXXXXXXXXX)Extracted text: (Cost of goods sold recorded)
(Return of shoes)
(Return of shoes, assuming goods are resaleable and
returned to inventory)
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Extracted text: entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round Cost of
goods sold and inventory return answers to 2 decimal places, e.g XXXXXXXXXX)
Date
Account Titles and Explanation
Debit
Credit
(Sale of Shoes)
(Cost of goods sold recorded)

Sultana · Accepted Answer

Sheet1
	Date	Particulars	Debit	Credit
	4-Feb	Inventory	20,000
		Accounts payable		20,000
	11-Feb	accounts payable	2,000
		inventory		2,000
	13-Feb	Accounts receivable	18,900
		Sales		18,900
		Cost of Good sold	6,300
		Inventory		6,300
	18-Feb	Sales return	1,080
		Accounts receivable		1,

Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold...

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Feb.	4	Purchased 1,000 pairs for $20 each from Marigold Corp. on account, terms n/30.
	11	Returned 100 pairs to Marigold for $2,000 credit because the shoes were the wrong size.
	13	Sold 210 pairs for $90 each to Shoes for Kids, terms n/30.
	18	Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory.
	26	Paid Marigold the amount owing.
	28	Received payment in full from the Shoes for Kids.