Question
Calculator Kitty, a merchandiser of calculators and other nerdy supplies, had the following merchandise transactions during the month: Oct. 1 Purchased $1,200 of calculators on
Calculator Kitty, a merchandiser of calculators and other nerdy supplies, had the following merchandise transactions during the month:
Oct. 1 Purchased $1,200 of calculators on account from NerdyNumbers, shipping terms were FOB Destination, credit terms 4/10, n/30. Shipping costs were $50. Oct. 3 Sold calculators on account to Susie Sliderule for $500, terms 6/10, n/30. The cost of the calculators is $300 and shipping terms are FOB Destination with shipping costs of $25. Oct. 5 Granted Susie Sliderule $50 for calculators returned costing $20. Oct. 9 Paid NerdyNumbers in full. Oct. 12 Received payment from Susie Sliderule.
Prepare the journal entries for Calculator Kitty to record their October transactions.
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Advances In Quantitative Analysis Of Finance And Accounting - New Series (Vol. 2)
Authors: Lee Cheng Few
1st Edition
9812561641, 9789812561640
