Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help figuring out this thanks! Chs Graded Online Assignment Question 1 of 7 > -15 III View Policies Current Attempt in Progress 3
I need help figuring out this thanks!
Chs Graded Online Assignment Question 1 of 7 > -15 III View Policies Current Attempt in Progress 3 The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec Blue Spruce Ltd. sold goods to Swifty Corp. for $77.800, terms /15, FOB shipping point. The inventory had cost Blue Spruce $41,400. Blue Spruce's management expected a return rate of 3% based on prior experience. Shipping costs of $1,080 were paid by the appropriate company, Swifty returned unwanted merchandise to Blue Spruce. The returned merchandise has a sales price of $2,400, and a cost of $1.280. It was restored to inventory. Blue Spruce received the balance due from Swifty. 7 8 11 (a) Record the above transactions in the books of Blue Spruce. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to the nearest whole dollar, es 5275) Question 1 of 7 - /5 Record the above transactions in the books of Blue Spruce the detentries before credentrie Cedit account titles are automatically indented when the amount is entered. Do not indent more entry is ruired select "No Entry for the account title and enter for the amounts Round wwen to the cat whole dollar 52753 Date Account Titles and Explanation Debit Credit (To record credit sale) 1 To record cost of merchandise Elu2 OOO + Cho Graded Online Assignment Question 1 of 7 > - 5 To record cont of merchandise old) The record return of goods) 1 To record cost of the e Textbook and Media O 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