Question
On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms
On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish.
Prepare the journal entry for Golden Fish to record the return.
DR:
CR:
Prepare the journal entry for Santos Fisheries to record the return.
DR:
CR:
DR:
CR:
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Budgeting And Financial Management For Nonprofit Organizations Using Money To Drive Mission Success
Authors: Lynne A. Weikart, Greg G. Chen, Edward M. Sermier
1st Edition
1608716937, 978-1608716937
