Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase and sales transactions Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook Store. One hundred of these books (cost $1,020) were damaged in shipment, so Piran.com later received the damaged goods from The Textbook Store as sales returns on October 13, 2018. Requirements Journalize The Textbook Stores October 2018 transactions. Journalize Piranha.com’s October 2018 transactions. The company estimates sales returns at the end of each month.

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
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Chapter11: The Statement Of Cash Flows
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Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.

Journalizing purchase and sales transactions

Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook Store. One hundred of these books (cost $1,020) were damaged in shipment, so Piran.com later received the damaged goods from The Textbook Store as sales returns on October 13, 2018.

Requirements

  1. Journalize The Textbook Stores October 2018 transactions.
  2. Journalize Piranha.com’s October 2018 transactions. The company estimates sales returns at the end of each month.
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