Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help please Fern Corporation sold 3,000 units of inventory for $30,000 on August 1, 2020, terms 2/10, 1/30. The units com Fern Corporation 6 per
help please
Fern Corporation sold 3,000 units of inventory for $30,000 on August 1, 2020, terms 2/10, 1/30. The units com Fern Corporation 6 per unit on August 4, 2020, 200 units were returned by the customer. Fern Corporation received tull payment for the balance due on August 30, 2020. What journal entries should Fern Corporation make on August 4, 2020? Debit Accounts Receivable 2.000 Credit Sales Returns & Allowances 2000: AND Debit Inventory 1.200, Credit Cost of Goods Sold 100 Debit Sales Returns & Allowances 2.000; Credit Accounts Receivable 2000, AND Debit Inventory 1.200: Credit Cost of Goods Sold 1.200 Debit Sales Returns & Allowances 2.000; Credit Accounts Receivable 2,000. AND Debit Cost of Goods Sold 1.200 Crest inventory 1200 Debit Sales Revmat 2000: Credit Accounts Receivable 2000: AND Debit lnventory L200, Credit Cost of Goods Sale 1.200 345pts Question 10 Fern Corporation in Question 9 collected the balance due from customers, what journal entry should be made on August 30, 2008 Debit Cash 28.000 Credit Accounts Receivable 28.000 345 Debit Cash 27.440 and Sales Discounts Forfeited 560: Credit Accounts Receivable 28.000 Debit Cash 27.440 Credit Accounts Receivable 274-40 Debit Cash 28.000 Credit Accounts Receivable 27.440 and Sales Discount forfeited 500 0 9 Testion 11 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started