Please complete 1,2, and 3.
Required information The transactions listed below are typical of those involving Sampson Wholesaler (seller) and Bronco Retaller (buyer). All sales of merchandise from the wholesaler to the retailer are made with terms n/30, and both companies use perpetual inventory systems. The following transactions between the two companies occurred in the order listed during the year. a. Sampson sold merchandise to Bronco at a selling price of $125,000. The merchandise had cost Sampson $94,000. b. Two days later, Bronco complained that some of the merchandise differed from what had been ordered. Sampson agreed to give an allowance of $3,000 because of the error. Bronco also returned some product, which had cost Sampson $12,000 and had been sold for $16,500. c. Just three days later Bronco paid Sampson, which settled all amounts owed. Prepare the joumal entries that Bronco Retailer (the buyer) would record. Journal entry worksheet Record the inventory purchased of $125,000 on account. Note: Enter debits before credits. Required information The transactions listed below are typical of those involving Sampson Wholesaler (seller) and Bronco Retaller (buyer). All sales of merchandise from the wholesaler to the retailer are made with terms n/30, and both companies use perpetual inventory systems. The following transactions between the two companies occurred in the order listed during the year. a. Sampson sold merchandise to Bronco at a selling price of $125,000. The merchandise had cost Sampson $94,000. b. Two days later, Bronco complained that some of the merchandise differed from what had been ordered. Sampson agreed to give an allowance of $3,000 because of the error. Bronco also returned some product, which had cost Sampson $12,000 and had been sold for $16,500. c. Just three days later Bronco paid Sampson, which settled all amounts owed. Prepare the journal entries that Bronco Retailer (the buyer) would record. Journal entry worksheet Record the return of unsatisfactory merchandise for which credit was given. Note: Enter debits before credits. Required information The transactions listed below are typical of those involving Sampson Wholesaler (seller) and Bronco Retailer (buyer). All sales of merchandise from the wholesaler to the retaller are made with terms n/30, and both companies use perpetual inventory systems. The following transactions between the two companies occurred in the order listed during the year. a. Sampson sold merchandise to Bronco at a selling price of $125,000. The merchandise had cost Sampson $94,000. b. Two days later, Bronco complained that some of the merchandise differed from what had been ordered. Sampson agreed to give an allowance of $3,000 because of the error. Bronco also returned some product, which had cost Sampson $12,000 and had been sold for $16,500. c. Just three days later Bronco paid Sampson, which settled all amounts owed. Prepare the journal entries that Bronco Retailer (the buyer) would record. Journal entry worksheet (1)
