5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 3,300 units of inventory on account for $429,000 ($130 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from customers on accounts receivable. This amount includes $36,000 from 2020 plus amount receivable on sale of 2,700 units sold on January 15. Prepare Genreal ledger entries for the transactions.
5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 3,300 units of inventory on account for $429,000 ($130 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from customers on accounts receivable. This amount includes $36,000 from 2020 plus amount receivable on sale of 2,700 units sold on January 15. Prepare Genreal ledger entries for the transactions.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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5 | Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. | |||
8 | Returned 100 defective units of inventory purchased on January 5. | |||
15 | Sold 3,300 units of inventory on account for $429,000 ($130 each) with terms 2/10, n/30. | |||
17 | Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. | |||
20 | Received cash from customers on accounts receivable. This amount includes $36,000 from 2020 plus amount receivable on sale of 2,700 units sold on January 15. |
Prepare Genreal ledger entries for the transactions.
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