Presented below are transactions related to Rebecca Company. 1. On December 3, Rebecca Company sold $480 of
Question:
1. On December 3, Rebecca Company sold $480 of merchandise to Simonis Putt Putt Golf, terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $350.
2. On December 8, Simonis was granted an allowance of $27 for merchandise purchased on December 3.
3. On December 13, Rebecca Company received the balance due from Simonis.
(a) Prepare the journal entries to record these transactions on the books of Rebecca Company using a perpetual inventory system.
(b) Assume that Rebecca Company received the balance due from Simonis Putt Putt Golf on January 2 of the following year instead of on December 13. Prepare the journal entry to record the receipt of payment on January 2.
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a 1 Dec 3 Accounts Receivable 480 Sales 480 Cost of Goods Sold 350 M...View the full answer
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Related Book For 
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
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