Based on the information below, journalize the entries for the Seller. The seller uses a perpetual...
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Based on the information below, journalize the entries for the Seller. The seller uses a perpetual inventory system. (a) Seller sells Buyer on account merchandise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45. (b) Buyer retums as defective $145 worth of the $645 merchandise received. The seller's cost is $70. (c) Buyer pays within the discount period. Based on the information below, journalize the entries for the Seller. The seller uses a perpetual inventory system. (a) Seller sells Buyer on account merchandise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45. (b) Buyer retums as defective $145 worth of the $645 merchandise received. The seller's cost is $70. (c) Buyer pays within the discount period.
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Answer rating: 100% (QA)
A B E F 1 Seller Buyer 2 Accounts DR CR Accounts DR CR Accounts receivable 645 Merchandise inven... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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