The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). - Apr. 1 Buyer buys merchandise for $3,000, credit terms 2/10, n/30. Merchandise cost $1,800. - Apr. 4. Buyer returns $300 of merchandise for full credit. The merchandise is returned to inventory. - Apr. 9 Buyer pays the amount due from the April 1 sales less the return on April 4. 1. Prepare journal entries to record the transactions for buyer. Be sure to date each entry. (Prefer you use gross method for amount to record.) 2. Prepare journal entries to record the transactions for the seller. Be sure to date each entry. (Prefer you use gross method for amount to record.)
The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). - Apr. 1 Buyer buys merchandise for $3,000, credit terms 2/10, n/30. Merchandise cost $1,800. - Apr. 4. Buyer returns $300 of merchandise for full credit. The merchandise is returned to inventory. - Apr. 9 Buyer pays the amount due from the April 1 sales less the return on April 4. 1. Prepare journal entries to record the transactions for buyer. Be sure to date each entry. (Prefer you use gross method for amount to record.) 2. Prepare journal entries to record the transactions for the seller. Be sure to date each entry. (Prefer you use gross method for amount to record.)
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB
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The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller).
- Apr. 1 Buyer buys merchandise for $3,000, credit terms 2/10, n/30. Merchandise cost $1,800.
- Apr. 4. Buyer returns $300 of merchandise for full credit. The merchandise is returned to inventory.
- Apr. 9 Buyer pays the amount due from the April 1 sales less the return on April 4.
1. Prepare
2. Prepare journal entries to record the transactions for the seller. Be sure to date each entry. (Prefer you use gross method for amount to record.)
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