On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30.
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On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30. On June 30, Clark paid $39,200, receiving the cash discount on her payment, and returned $10,000 of merchandise, claiming that it did not meet contract terms. Assuming that Reed uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Reed Company is 60% of its selling price.
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June 24 Accounts Receivable 75000 Sales Revenue 75000 Cost of Goods Sold 45000 Inven...View the full answer
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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