7-11 Principles of Accounting Randi Watts courses / 20FL ACC231-11 Principles of Accounting I Randi Watts / Week 7: Inventory / Chapter 7 Homework Take me to the text Bedding for More received a shipment of bed sheets on October 5, 2018. The value of the bed sheets was $10,000 and the sheets were shipped FO shipping point. Freight charges came to $180. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry to record the receipt of goods by Bedding for More, assuming the payment will be made in November. Date Account Title and Explanation Debit Credit 2018 Oct 5 Merchandise Inventory 55 Accounts Payable . 180 X Purchased inventory b) The bed sheets delievered to Bedding for More were the wrong material. After some negotiation, the manager agreed to keep the products with a allownace. Prepare the journal entry on October 14, 2018 to record the purchase allowance. Assume that all bed sheets are still in inventory. Allowanc not granted nn freight charnes e to search GET Required a) Prepare the journal entry to record the receipt of goods by Bedding for More, assuming the payment will be made in November Date Account Title and Explanation Debit Credit 2018 Oct 5 Merchandise Inventory 55 X 180 X Accounts Payable Purchased inventory b) The bed sheets delievered to Bedding for More were the wrong material. After some negotiation, the manager agreed to keep the products with a 17% allownace. Prepare the journal entry on October 14, 2018 to record the purchase allowance. Assume that all bed sheets are still in inventory. Allowances are not granted on freight charges. Account Title and Explanation Debit Credit Date 2018 Oct 14 Purchase Allowance Prepare the journal entry for Bedding for More when the payment is made on November 5 2018. Date Account Title and Explanation Debit Credit 2018 o search on AME ENGAGE LEGE not granted on freight charges. Date Account Title and Explanation 2018 Debit Credit Oct 14 Purchase Allowance Prepare the journal entry for Bedding for More when the payment is made on November 5 2018. Date Account Title and Explanation Debit Credit 2018 Nov 5 Payment for bed sheets Check Note: The "checkbutton does not submit your attempt. To submit the attempt, go to the end of the quiz and dick on the "submit all and finish" button Partially correct Marks for this submission 0.17/1.00 e to search O e