Question
May 3 Ernie sold merchandise to Kenny for $5,600, FOB shipping point, on terms 1/10, n/30. The merchandise cost $3,000 May 8 Kenny returned $300
May 3 Ernie sold merchandise to Kenny for $5,600, FOB shipping point, on terms 1/10, n/30. The merchandise cost $3,000
May 8 Kenny returned $300 of merchandise to Ernie (cost = $180)
May 13 Kenny paid Ernie the balance due
May 14 the responsible party paid freight charges of $100
Prepare Kennys journal entry on may 3. no decimal points .
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Accounting For Deferred Income Taxes
Authors: Bobby Carmichael
2nd Edition
1119724562, 9781119724568
