On December 3, Rebecca Company sold $670 of merchandise to Simon is Putt Putt Golf, terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $390.

 

2.On December 3, Simon is was granted an allowance of $29 for merchandise purchased on December 3.

 

3.On December 12, Rebecca Company received the balance due from Simon is.

 

Instructions

(a)Prepare the journal entries to record these transactions on the books of Rebecca Company using a perpetual inventory system.

(b)Assume that Rebecca Company received the balance due from Simon is Putt Putt Golf On January 2 of the following year instead of on December 13. Prepare the journal entry to record the receipt of payment on January 2"