Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager...
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Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Ben's Retailers is unhappy with the quality of some tables delivered on May 9, 2019, and will be shipping back all of the goods. The originat invoice amounted to $2,000 and the goods cost Vivien's $1,100. Using a perpetual inventory system, complete the journal entries for Vivien's Wholesalers for each of the following independent scenarios. Do not enter dollar signs.or.commas.in the inout boxes, Bound all answers.to.2 decimal places Enter debit.accounts.in alobabetical.ordet. Required a) Rather than taking back the tables your sales manager agreed to alow Ben's Retailers a 15% discount if they agree to keep the goods. Record Ben's payment in settlement of the invoice on June 9 assuming the allowance is not recorded until the settlement date. Date Account Title and Explanation Debit Credit 2019 Jun 9 Collected outstonding accounts recaivabie b) Suppose that Ben's shipped back all of the goods on May 24 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales retum transaction first Date Account Title and Explanation Debit Credit 2019 May 24 Record sales returns May 24 Restock inventory ) Suppose that Ben's shipped back half of the goods on May 24 and kept the other half with a 5% allowance, Journalize the transactions. Record the sales retum transaction first. Date Account Title and Explanation Debit Credit 2019 May 24 Record soles returns May 24 Restock inventory Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Ben's Retailers is unhappy with the quality of some tables delivered on May 9, 2019, and will be shipping back all of the goods. The originat invoice amounted to $2,000 and the goods cost Vivien's $1,100. Using a perpetual inventory system, complete the journal entries for Vivien's Wholesalers for each of the following independent scenarios. Do not enter dollar signs.or.commas.in the inout boxes, Bound all answers.to.2 decimal places Enter debit.accounts.in alobabetical.ordet. Required a) Rather than taking back the tables your sales manager agreed to alow Ben's Retailers a 15% discount if they agree to keep the goods. Record Ben's payment in settlement of the invoice on June 9 assuming the allowance is not recorded until the settlement date. Date Account Title and Explanation Debit Credit 2019 Jun 9 Collected outstonding accounts recaivabie b) Suppose that Ben's shipped back all of the goods on May 24 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales retum transaction first Date Account Title and Explanation Debit Credit 2019 May 24 Record sales returns May 24 Restock inventory ) Suppose that Ben's shipped back half of the goods on May 24 and kept the other half with a 5% allowance, Journalize the transactions. Record the sales retum transaction first. Date Account Title and Explanation Debit Credit 2019 May 24 Record soles returns May 24 Restock inventory
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Answer rating: 100% (QA)
A C D E F 1 2 Date Account title Debit Credit 3 10July2019 Cash 3800 Sales Returns an... View the full answer
Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
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