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Take me to the text Bedding for More received a shipment of bed sheets on June 4 2018 The value of the bed sheets was $15000 and the sheets were shipped FOB shipping point

Take me to the text Bedding for More received a shipment of bed sheets on June 4 2018 The value of the bed sheets was $15000 and the sheets were shipped FOB shipping point

Take me to the text Bedding for More received a shipment of bed sheets on June 4, 2018. The value of the bed sheets was $15,000 and the sheets were shipped FOB shipping point. Freight charges came to- $200. 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 July. Date Account Title and Explanation Debit Credit 2018 Merchandise Inventory 15200 Jun 4 Advertising Expense 15200 Purchased inventory b) The bed sheets delievered to Bedding for More were the wrong material. After some negotiation, the manager agreed to keep the products with a 11% allownace . Prepare the joumal entry on June 19, 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 X Jun 19 Interest Revenue Purchase Aowance c) Prepare the journal entry for Bedding for More when the payment is made on July 4 2018. Date Account Title and Explanation Debit Credit 2018 Jul 4 Payment for bed sheets

abhinav behal 02-Mar-2020

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