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please help me. due today More info Jul 4 Leather Fumishings purchased $10,000 of merchandise from K and B Furniture Warehouse on account. Terms, 3/15,
please help me. due today
More info Jul 4 Leather Fumishings purchased $10,000 of merchandise from K and B Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost K and B Furniture Warehouse $2,800. 7 Leather Fumishings paid a $75 freight bill for delivery of the goods purchased on July 4. 10 Leather Fumishings returned $1,800 of the merchandise purchased on July 4 . The goods cost K and B Furniture Warehouse $400. 18 Leather Furnishings paid $1,200 of the July 4 invoice less the discount. 31 Leather Fumishings paid the remaining amount owed on the July 4 invoice. Requirements 1. Journalize these transactions on the books of Leather Furnishings, assuming the "net" method is used. 2. Journalize these transactions on the books of K and B Furniture Warehouse, assuming the "net" method is used. doumal Entry Mari Leather Furnahinge peid a 575 fieghi bal for delivery of the goodi purchased on wiyy. Jul 18: Leather Furnishings paid $1,200 of the July 4 invoice less the discount. ul 31: Leather Furnishings paid the remaining amount owed on the July 4 invoice. quirement 2. Journalize these transactions on the books of K and 8 Fumkure Warehouse, assuming the "ner method is used. (Record debits fist, enen credits. Exclude explanabions from any mal ontries) 4. Leather Furnishings purchased $10,000 of morchandse hom K and 8 Fumture Warehouse on acoount. Terms, 3/15, n330. FO8 thipphg point. The goods cost K and 8 Fumiture Warehouse 52,600 . gin by fournalioing the revenue from the salo of merchandse. (Do nea yet recond the colt related to the sale. Wo wil do this in the noxt journal enty) Joumaize the cost of goods sold folalod to the sale of merchandise on July 4 Jul 10: Leather Fumishings returned $1,800 of the merchandise purchased on July 4 . The goods cost K and B Fumiture Warehouse $400. Start by recording the recoivable portion of the merchandise return. (Do not yet record the invertory adjustment related to the roturn. We will do this in the next joumal entry.) Now journalize the inveniory pertion of the merchandise retum. Jul 18: Leather Furnishings paid $1,200 of the July 4 invoice less the discount Step by Step Solution
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