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Take me to the text Bedding for More received a shipment of bed sheets on March 6, 2018. The value of the bed sheets was
Take me to the text Bedding for More received a shipment of bed sheets on March 6, 2018. The value of the bed sheets was $9,000 and the sheets were shipped FOB shipping point. Freight charges came to $490. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry to record the receipt of goods by Bedding for More, assuming the payment will be made in April Date Account Title and Explanation Debit Credit 2018 Mar 6 Purchased inventory b) The bed sheets delievered to for More were the wrong material. After some negotiation, the manager agreed to keep the products with a 12% allownace. Prepare the journal entry on March 26, 2018 to record the purchase allowance. Assume that all bed sheets are still in inventory. Allowances are not granted on freight charges. Date Account Title and Explanation Debit Credit 2018 Mar 26 Purchase Allowance c) Prepare the journal entry for Bedding for More when the payment is made on April 6 2018. Date Account Title and Explanation Debit Credit 2018 Apr 6 Payment for bed sheets Check
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