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BE5.6 (LO 3) Prepare the journal entries to record the following sales transactions in Fundy Corp.'s books. Fundy uses a perpetual inventory system. Jan. 2
BE5.6 (LO 3) Prepare the journal entries to record the following sales transactions in Fundy Corp.'s books. Fundy uses a perpetual inventory system. Jan. 2 Fundy sold $45,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $25,200. Fundy expected a return rate of 15%. 5 The appropriate company paid freight costs of $900. 6 Xtra returned $6,000 of the merchandise purchased from Fundy on January 2, because it was not needed. The cost of the merchandise returned was $3,360, and it was restored to inventory. 11 Fundy received the balance due from Xtra. Allocate transaction price to multiple performance obligations
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