Journalize the following transactions for Antique Furniture, Inc. that occurred during the month of April using (1)
Question:
(1) The perpetual inventory system
(2) Periodic inventory system. Antique Furniture’s cost of inventory is 70% of the sales price.
Apr 3 Sold $2,100 of merchandise on account, terms 1/15, n/45, FOB shipping point. Antique Furniture, Inc. prepaid $50 of shipping costs and added the amount to the customer's invoice.
7 Issued a credit memo to the customer acknowledging the return of $225 of damaged goods.
16 Received payment in full from the customer for the April 3 invoice.
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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