Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During July 2020, the following transactions were completed 1 03-Jul-20 Seller sold merchandise of Rp18,000, FOB destination, term 2/10, n/30. COGS is 70% of sales

image text in transcribed
image text in transcribed
During July 2020, the following transactions were completed 1 03-Jul-20 Seller sold merchandise of Rp18,000, FOB destination, term 2/10, n/30. COGS is 70% of sales price. 2 04-Jul-20 Paid freight on transaction above, Rp300. 3 4 5 05-Jul-20 Buyer returned defective products of Rp2.100. 15-Jul-20 Buyer paid Seller in full. 16-Jul-20 Seller sold merchandise of Rp12.600, FOB shipping point, term 3/10, 1/60. COGS is 60% of sales price. 17-Jul-20 Paid freight on transaction above, Rp550. 6 7 8 25-Jul-20 Buyer paid Seller in full. 28-Jul-20 Seller gave cash refund of Rp500 to Buyer for damaged merchandise (from transaction No. 5) after paid in full. Buyer agreed to keep the merchandise. Instruction: Journalize the transactions using perpetual inventory method for both BUYER and SELLER (8 x 2 = 16 journal entries)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions

Question

Discuss how S. Truett Cathys values shaped Chick-fil-As operation.

Answered: 1 week ago