9. Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual" and the "periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19.
9. Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual" and the "periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 8RQ: A firm is preparing to make adjusting entries at the end of the accounting period. The balance of...
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