Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please answer 16-19 in journal entries pleaseeeee 16. On November 10, Megan Rubber and Tire Company purchased inventory and paid $900 in cash to the
please answer 16-19 in journal entries pleaseeeee 16. On November 10, Megan Rubber and Tire Company purchased inventory and paid $900 in cash to the delivery company. 17. On December 5, Megan Rubber and Tire Company discovered that two tires had blemishes. It received an allowance for $75.00, from Louisiana Tire Sales. Assume all cash. Prepare Megan's appropriate journal entry. 18. Assume the facts in 17. Prepare the journal entry on Louisiana Tire Sales books to record the $75.00 payment to Megan. 19. On January 3, 2018, Louisiana Tire Sales Co. sold merchandise on to Thibodeaux Tire Retailers for $25,000 in cash. Louisiana Tire Sales paid $15,000 for these tires two months ago. Prepare all appropriate Journal entries pertaining to this sale (for Louisiana Tire Retailers only) Perpetual Inventory System Debit Credit $25,000 Cash Sales Revenue C.O.G.S. Merchandise Inventory $25,000 $15,000 $15,000 To record sales of Inventory to Thibodeaux and adjust cost of good sold
please answer 16-19 in journal entries pleaseeeee
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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