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where do we get the 3300 from? please help VY Question 2 transactions occurred during the month of April: Curry Company and Young Company use
where do we get the 3300 from? please help
VY Question 2 transactions occurred during the month of April: Curry Company and Young Company use the perpetual inventory system. The following a. On April 1. Curry Company purchased merchandise on account from Young Company with credit ferms of 2/10, 1/30. The selling price of the merchandise was $4,300, and the cost of the merchandise sold was $2,450. b. On April 1. Curry paid freight charges of $100 cash to have the goods delivered to its c. On April 8, Curry returned $1,000 of the merchandise which had originally cost Young $700. d. On April 10, Curry paid Young the balance due Required: Prepare the journal entries to record these transactions on the books of Young Company. Assume that Young uses the net method to record sales on account. For a compound transaction, if an amount box does not require an entry, leave it blank. 4/1 dr. Account Believable C. Sales Reverive 14.900 x 98). (Recorded sale on account) 4214 4/1 dr. Cost of spador said 2,450 2,450 lovende sy (Recorded cost of merchandise sold) 4/8 980. dr. Sales Revenue (1.80.90) er. Accounts Reciemble (Recorded return of merchandise) 980 4/8 dr. Inventory 700 700 c. COGS (Recorded cost of merchandise returned) 4/10 3,259 dr. Cash (3.300 x. 98) C Accounts Recierable (Received customer payment within discount period) 3as Step by Step Solution
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