On November 14, 2015, Amazing Sound, Inc. sold $3,100 of inventory (cost is $1,330) on account to
Question:
On November 14, 2015, Amazing Sound, Inc. sold $3,100 of inventory (cost is $1,330) on account to one of its customers. The terms were 3/10, n/30, FOB destination. On November 16, Amazing Sound, Inc. paid freight charges of $65 related to the delivery of the goods sold on November 14. On November 20, $800 of damaged goods (cost is $420) were returned by the customer. On November 23, Amazing Sound, Inc. received payment in full from the customer.
Requirement
1. Journalize all necessary transactions for Amazing Sound, Inc. using (1) the perpetual inventory system and (2) the periodic inventory system. Omit explanations.
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Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
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