Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 6, Problem 3P
1.
To determine
Prepare
2.
To determine
Identify whether cash rebates should be reported as revenue.
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The following information is for BOUNTY Company for December 2015:
1. On December 1, purchased merchandise from CMU Company for $700 terms 2/10, n/30,
FOB shipping point.
2. On December 7, paid freight cost $50 on merchandise purchased from CMU Company.
3. On December 12, sold merchandise to ALENA Company for $900, terms n/30. The
merchandise sold had a cost of $600.
4. On December 15, received $100 credit from CMU Company for returned merchandise.
Instructions:
Prepare the journal entries to record these transactions for the month of December on the books of
BOUNTY Company using a periodic inventory system.
Accounting
Fulco Company engaged in the following transactions in March 2020
March
Sold merchandise on credit to James William, terms n/30,
FOB shipping point, $3,000 (cost, $1,800).
7
Purchased merchandise on credit from Leverage Company,
terms n/30, FOB shipping point, $6,000.
Paid Leverage Company for shipping charges on merchandise
purchased on March 8, $254
9
Sold merchandise on credit to Deepak Soni, terms n/30, FOB
shipping point, $2,400 (cost, $1,440).
14
Returned damaged merchandise received from Leverage Company
on March 8 for credit, $600.
14
17
Received check from James William for his purchase of March 7.
21
Paid Leverage Company the balance from the transactions of
March 8 and March 14.
Accepted from Deepak Soni a return of merchandise, which was
put back in inventory, $200 (cost, $120).
24
Prepare journal entries to record the transactions, assuming use of the
perpetual inventory system.
On October 4, 2008, Terry Corporation
had eredit sales transactions of P2,80o from
merchandise having cost P1.900. The entries
to record the day's credit transactions
include a *
debit of P2,800 to Merchandise Inventory.
credit of P2,800 to Sales.
debit of P1,900 to Merchandise Inventory.
O credit of P1,900 to Cost of Goods Sold.
Chapter 6 Solutions
Principles of Accounting
Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Assume a large shipment of uninsured merchandise...Ch. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Indicate whether each of the statements that...Ch. 6 - Prob. 2SECh. 6 - Prob. 3SE
Ch. 6 - Prob. 4SECh. 6 - Prob. 5SECh. 6 - Prob. 6SECh. 6 - Prob. 7SECh. 6 - Prob. 8SECh. 6 - Record the following transactions using T...Ch. 6 - Prob. 10SECh. 6 - Prob. 11SECh. 6 - Sutton Hills Companys management made the...Ch. 6 - Prob. 2EACh. 6 - A company has the following data: net sales,...Ch. 6 - Prob. 4EACh. 6 - Prob. 5EACh. 6 - Linear Company engaged in the following...Ch. 6 - Prob. 7EACh. 6 - Prob. 8EACh. 6 - Prob. 9EACh. 6 - Prob. 10EACh. 6 - Prob. 11EACh. 6 - Prob. 12EACh. 6 - Prob. 13EACh. 6 - Prob. 14EACh. 6 - Prob. 15EACh. 6 - Matuska Tools Corporations income statements...Ch. 6 - Selected accounts from Murrays Furniture Stores...Ch. 6 - Prob. 3PCh. 6 - Selected accounts from Dences Gourmet Shops...Ch. 6 - Prob. 5PCh. 6 - Teague Company engaged in the following...Ch. 6 - Prob. 7APCh. 6 - Prob. 8APCh. 6 - Prob. 9APCh. 6 - Prob. 10APCh. 6 - Prob. 11APCh. 6 - Prob. 12APCh. 6 - Prob. 1CCh. 6 - Prob. 2CCh. 6 - Prob. 3CCh. 6 - Prob. 4CCh. 6 - Prob. 5CCh. 6 - Prob. 6C
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