Chapter 18 e6

Chapter 18 e6 - Jun 5 Account Title Amount Account Title...

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Exercise 18-2, Page 1 of 2, 07/28/2011, 07:02:55 Name: Exercise: E18-2, Sales Recorded Both Gross and Net Course: Date: On June 3, Hunt Company sold to Ann Mount merchandise having a sale price of $8,000 with terms 2/10, n/60, f.o.b. shipping point. An invoice totaling $120 $600 contained flaws that rendered it worthless. The same day Hunt Company issued a credit memo covering the worthless merchandise and asked that it be returned at company expense. The freight on the returned merchandise was $24 paid by Hunt Company on June 7. On June 12, the company received a check for the balance due from Mount. Instructions: Jun 3 Account Title Amount Account Title Amount Jun 5 Account Title Amount Account Title Amount Jun 7 Account Title Amount Account Title Amount Jun 12 Account Title Amount Account Title Amount Account Title Amount Jun 3 Account Title Amount Account Title Amount
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Unformatted text preview: Jun 5 Account Title Amount Account Title Amount Jun 7 Account Title Amount Account Title Amount Jun 12 Account Title Amount Account Title Amount Aug 5 Account Title Amount Account Title Amount Account Title Amount terms n/30, was received by Mount on June 8 from the Olympic Transport Service for the freight cost. Upon receipt of the goods, June 5, Mount notified Hunt Company that merchandise costing (a) Prepare journal entries on Hunt Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered net of cash discounts. (b) Prepare the journal entry under basis 2, assuming that Ann Mount did not remit payment until August 5. Exercise 18-2, Page 2 of 2, 07/28/2011, 07:02:55...
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This note was uploaded on 07/27/2011 for the course ACCT 102 taught by Professor Huxhold during the Spring '11 term at UCSD.

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Chapter 18 e6 - Jun 5 Account Title Amount Account Title...

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