Question
Use the following information to answer Q6a & b. Cisco Inc uses the perpetual inventory system and had the following transactions during December. Dec. 1
Use the following information to answer Q6a & b.
Cisco Inc uses the perpetual inventory system and had the following transactions during December.
| Dec. 1 | Sold merchandise on credit for $5,000, terms 3/10, n/30 to GR Inc. The merchandise cost $3,000. |
| Dec. 5 | GR Inc, returned $500 of the items purchased on Dec. 1 |
| Dec. 8 | Cisco gives GR Inc. an allowance of $100 for faulty merchandise purchased Dec.1 |
| Dec. 9 | GR pays in full for the merchandise purchased on Dec. 1 |
6a. Journalize the transactions [2 marks]
| Date |
| Dr. | Cr. |
| Dec. 1 |
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6b. Complete a partial income statement for Cisco [1 mark]
| Partial Income Statement | ||
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Financial Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th Edition
1118725786, 978-1118725788
