The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. On December...
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The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. On December 3, Fiasco Incorporated bought merchandise on account from Rippen Corp. for $60,000, terms 2/10, n/30. ● ● December 12, Fiasco Inc. paid Rippen Corporation for the amount owed. On December 30, Fiasco Inc. paid Maho Corp. for the amount owed. REQUIRED: Prepare the journal entries to record these transactions on the books of Fiasco Incorporated. On December 8, Fiasco Inc. returned $5,000 of merchandise to Rippen Corp On December 10, Fiasco Inc. bought merchandise on account from Maho Corp. For $40,000, terms 2/10, n/20. ● Date o FIASCO INCORPORATED GENERAL JOURNAL Account anibe Debit Credit The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. On December 3, Fiasco Incorporated bought merchandise on account from Rippen Corp. for $60,000, terms 2/10, n/30. ● ● December 12, Fiasco Inc. paid Rippen Corporation for the amount owed. On December 30, Fiasco Inc. paid Maho Corp. for the amount owed. REQUIRED: Prepare the journal entries to record these transactions on the books of Fiasco Incorporated. On December 8, Fiasco Inc. returned $5,000 of merchandise to Rippen Corp On December 10, Fiasco Inc. bought merchandise on account from Maho Corp. For $40,000, terms 2/10, n/20. ● Date o FIASCO INCORPORATED GENERAL JOURNAL Account anibe Debit Credit
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December 3 Account Debit Merchandise Inventory 60000 Account Credit Accounts Payable Rippen Cor... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
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