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Can you please help me with this problem? Page of 3 ZOOM + Question 3 Jan 1: Solar Inc sold $5,000 of Merchandise Inventory on
Can you please help me with this problem?
Page of 3 ZOOM + Question 3 Jan 1: Solar Inc sold $5,000 of Merchandise Inventory on credit 3/15, 1/60 to Tesla, Inc. The cost of merchandise sold is $3,000 Jan 10: Telsa return $1,000 of defective Merchandise purchased on Jan 1 back to Solar. The cost of returned inventory is $600 Jan 12: Tesla noted that $500 merchandise purchased on Jan 1 were slightly defective. Telsa agreed to keep it as Solar offerred $400 price reduction Jan 15: Telsa send a payment to Solar for the purchase on Jan 1 (Hint: You need to determin how much is the final payment amount? (after return, after allowance, and still within discount period or not!?) Prepare the Journal Entries and post to Ledger all of the above transactions: Solar Inc ................. Tesla Inc. : .................... Date Account Title Debit Credit Date Account Title Debit CreditStep by Step Solution
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