Question
Journalize the following transactions using the perpetual inventory system on the books of Drietz Company: A. June 5, sold $10,200 of merchandise to Bailey Company
Journalize the following transactions using the perpetual inventory system on the books of Drietz Company:
A. June 5, sold $10,200 of merchandise to Bailey Company on account, terms 2/10, n/30. The merchandise had a cost of $8,000.
B. June 8, Bailey requested a reduction in the selling price of the merchandise because of some slight imperfections. Drietz granted a $600 allowance.
C. June 14, received payment from Bailey for the mercahndise purchaed on June 5, less the allowance and the discount.
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Advanced Accounting And Auditing Theory And Practice
Authors: Prof. R.B. Patel
1st Edition
8188730882, 978-8188730889
