CASE 2 On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; less:10% 2/10, n/30. Terms is FOB shipping point freight prepaid. Amount of freight paid by Enjoy Corporation is P6,500. Happy Company returned to Enjoy Corporation damaged MDSE worth P10,000 at list price. On April 12, Happy Company paid in full the account with Enjoy Corporation. Prepare the correct entries to record the above transaction in the books of Happy Company. Happy uses the periodic system of recording inventory. CASE 3 Record the transactions in CASE 2 in the books of Enjoy Corporation.
CASE 2 On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; less:10% 2/10, n/30. Terms is FOB shipping point freight prepaid. Amount of freight paid by Enjoy Corporation is P6,500. Happy Company returned to Enjoy Corporation damaged MDSE worth P10,000 at list price. On April 12, Happy Company paid in full the account with Enjoy Corporation. Prepare the correct entries to record the above transaction in the books of Happy Company. Happy uses the periodic system of recording inventory. CASE 3 Record the transactions in CASE 2 in the books of Enjoy Corporation.
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
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 23P: Notes Receivable On January 1, 2019, Lisa Company sold machinery with a book value of 118,000 to...
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CASE 2
On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; less:10% 2/10, n/30. Terms is FOB shipping point freight prepaid. Amount of freight paid by Enjoy Corporation is P6,500. Happy Company returned to Enjoy Corporation damaged MDSE worth P10,000 at list price. On April 12, Happy Company paid in full the account with Enjoy Corporation. Prepare the correct entries to record the above transaction in the books of Happy Company. Happy uses the periodic system of recording inventory.
CASE 3
Record the transactions in CASE 2 in the books of Enjoy Corporation.
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