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complete the following journal entries

complete the following journal entries

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 4SEA: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...
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complete the following journal entries
PART 2 - Record journal entries for each of the following transactions for Company ABC. December 2: Company ABC purchases inventory on account for $300. Date Account Debit Credit December 8: Company ABC resold the inventory from December 2nd at a markup price of $350. Discount terms: 2/10 n/30 Date Account Debit Credit December 15: Customers returned $100 worth of the sold inventory from the December 8th sale. The original cost of the returned inventory was $70. Date Account Debit Credit December 16: Company ABC received payment-in-full from the December 8th sale (less the returned items). Debit Credit Date Account December 23: Assume the December 16th transaction took place on December 23rd instead. Debit Credit Date Account estimated uncollectible accounts. The allowance December 31: Record the adjusting entry balance was $1,000 prior to adjustment. Company ABC estimates that 4% of the $40,500 Debit Credit Date Account Made by Dr. Baaske - Do not share.
Transcribed Image Text:PART 2 - Record journal entries for each of the following transactions for Company ABC. December 2: Company ABC purchases inventory on account for $300. Date Account Debit Credit December 8: Company ABC resold the inventory from December 2nd at a markup price of $350. Discount terms: 2/10 n/30 Date Account Debit Credit December 15: Customers returned $100 worth of the sold inventory from the December 8th sale. The original cost of the returned inventory was $70. Date Account Debit Credit December 16: Company ABC received payment-in-full from the December 8th sale (less the returned items). Debit Credit Date Account December 23: Assume the December 16th transaction took place on December 23rd instead. Debit Credit Date Account estimated uncollectible accounts. The allowance December 31: Record the adjusting entry balance was $1,000 prior to adjustment. Company ABC estimates that 4% of the $40,500 Debit Credit Date Account Made by Dr. Baaske - Do not share.
January 2: Company ABC wrote off a customer balance of $35. Date Account Debit Credit January 25: Company ABC received full payment from the customer whose balance was previously written off on January 2. Date Асcount Debit Credit 1e bk at the bk staemet,d chok hek wet fro the eso OCKW BANK RECONCILATION Octobe ADEO Bale dit o at Aioned l Made by Dr. Baaske - Do not share.
Transcribed Image Text:January 2: Company ABC wrote off a customer balance of $35. Date Account Debit Credit January 25: Company ABC received full payment from the customer whose balance was previously written off on January 2. Date Асcount Debit Credit 1e bk at the bk staemet,d chok hek wet fro the eso OCKW BANK RECONCILATION Octobe ADEO Bale dit o at Aioned l Made by Dr. Baaske - Do not share.
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