Bramble Ltd. and Sheffield Ltd. incurred the following merchandise transactions in June. June 10 11 12...

  
 

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Bramble Ltd. and Sheffield Ltd. incurred the following merchandise transactions in June. June 10 11 12 19 Bramble sold $4,200 of merchandise to Sheffield, terms n/30, FOB shipping point. The merchandise cost Bramble $2,520 when it was originally purchased. Bramble has historically experienced a return rate of 10%. Freight costs of $210 were paid by the appropriate company. Bramble received damaged goods returned by Sheffield for credit. The goods were originally sold for $420; the cost of the returned merchandise was $252. The merchandise was not returned to inventory. Bramble received full payment from Sheffield. Prepare journal entries for each transaction for Sheffield Ltd., assuming (1) a perpetual inventory system is used, and (2) a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Perpetual Inventory System Date Account Titles and Explanation < Debit Credit (2) Periodic Inventory System Y Date Account Titles and Explanation < Debit Credit Bramble Ltd. and Sheffield Ltd. incurred the following merchandise transactions in June. June 10 11 12 19 Bramble sold $4,200 of merchandise to Sheffield, terms n/30, FOB shipping point. The merchandise cost Bramble $2,520 when it was originally purchased. Bramble has historically experienced a return rate of 10%. Freight costs of $210 were paid by the appropriate company. Bramble received damaged goods returned by Sheffield for credit. The goods were originally sold for $420; the cost of the returned merchandise was $252. The merchandise was not returned to inventory. Bramble received full payment from Sheffield. Prepare journal entries for each transaction for Sheffield Ltd., assuming (1) a perpetual inventory system is used, and (2) a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Perpetual Inventory System Date Account Titles and Explanation < Debit Credit (2) Periodic Inventory System Y Date Account Titles and Explanation < Debit Credit

Answer rating: 100% (QA)

Under perpetual inventory system Date June 10 June ... View the full answer