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Product per-package, per unit per-package, per unit $1,200 750 $620 400 Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer 300 150 60 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10. n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September 1 CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CBS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September S the customer discovers that 20 more phones from the September 1 purchase are slightly damaged. The customer decides to keep the phones but receives a sales allowance from CBS of $10 per phone. October 1 A customer purchases 55 units of the 4-in-1 desktop printers go.CRRdit, Terms of the sale are 10/15, n/40, with an invoice date of October 1. On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost. October 10 the customer discovers that 5 printers from the October 1 purchase are slightly damaged, but decides to keep them, and CBS issues an allowance of $60 per printer. October 15 the customer pays their account in full, less sales returns and allowances Required Prepare journal entries by using periodic inventory system

Product per-package, per unit per-package, per unit $1,200 750 $620 400 Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer 300 150 60 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10. n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September 1 CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CBS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September S the customer discovers that 20 more phones from the September 1 purchase are slightly damaged. The customer decides to keep the phones but receives a sales allowance from CBS of $10 per phone. October 1 A customer purchases 55 units of the 4-in-1 desktop printers go.CRRdit, Terms of the sale are 10/15, n/40, with an invoice date of October 1. On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost. October 10 the customer discovers that 5 printers from the October 1 purchase are slightly damaged, but decides to keep them, and CBS issues an allowance of $60 per printer. October 15 the customer pays their account in full, less sales returns and allowances Required Prepare journal entries by using periodic inventory system

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.8DC
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Sales Price Cost to CBS Product per-package, per unit per-package, per unit Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer $1,200 $620 750 400 300 60 150 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10, n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September 1 CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CBS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September 8 the customer discovers that 20 more phones from September 1 purchase are slightly damaged. The customer decides to keep the phones but receives a sales allowance from CBS of $10 per phone. October ] A customer purchases 55 units of the 4-in-1 desktop printers g0.CKedit, Terms of the sale are 10/15, n/40, with an invoice date of October 1. On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost. October 10 the customer discovers that 5 printers from the October 1 purchase are slightly damaged, but decides to keep them, and CBS issues an allowance of $60 per printer. October 15 the customer pays their account in full, less sales returns and allowances Required Prepare journal entries by using periodic inventory system
Transcribed Image Text:Sales Price Cost to CBS Product per-package, per unit per-package, per unit Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer $1,200 $620 750 400 300 60 150 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10, n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September 1 CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full refund. CBS determines that the returned merchandise can be resold and returns the merchandise to inventory at its original cost September 8 the customer discovers that 20 more phones from September 1 purchase are slightly damaged. The customer decides to keep the phones but receives a sales allowance from CBS of $10 per phone. October ] A customer purchases 55 units of the 4-in-1 desktop printers g0.CKedit, Terms of the sale are 10/15, n/40, with an invoice date of October 1. On October 6, the customer returned 10 of the printers to CBS for a full refund. CBS returns the printers to their inventory at the original cost. October 10 the customer discovers that 5 printers from the October 1 purchase are slightly damaged, but decides to keep them, and CBS issues an allowance of $60 per printer. October 15 the customer pays their account in full, less sales returns and allowances Required Prepare journal entries by using periodic inventory system
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