Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Aug.
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Review the following sales transactions for Birdy Birdhouses and record any required journal entries.
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Aug. 10 Aug. 12 Aug. 14 Aug. 20 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Birdy is able to return the birdhouses to their inventory at the original cost of $46 each. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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