Question
Problem 1. Based on the information below, journalize the entries for the Seller and the Buyer. Date column is omitted in journal provided. There are
Problem 1.
Based on the information below, journalize the entries for the Seller and the Buyer. Date column is omitted in journal provided. There are extra lines in journal.
| (a) | Seller sells Buyer on account merchandise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight of $45 was prepaid by seller and added to the invoice. |
| (b) | Buyer returns as defective $145 worth of the $645 merchandise received. The seller's cost of inventory is $70. |
| (c) | Buyer pays within the discount period. |
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
