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Unformatted text preview: Dr Sales Revenue 300 Dr Sales Revenue 300 Cr Accounts Receivable 300 Cr Accounts Receivable 300 (If returned inventory is usable ) Dr Inventory 140 No Entry for Inventory/COGS Cr COGS 140 (If returned inventory is unusable ) Dr Inventory Write-Down Expense 140 No Entry for Inventory/COGS Cr COGS 140 Cash received on account with a discount Dr Cash 3430 Dr Discount Allowed 70 Dr Cash 3430 Dr Discount Allowed 70 Cr Accounts Receivable 3500 Cr Accounts Receivable 3500 Payment on Account with a discount Dr Accounts Payable 3500 Dr Accounts Payable 3500 Cr Cash 3430 Cr Discount Received 70 Cr Cash 3430 Cr Discount Received 70...
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This note was uploaded on 08/22/2011 for the course FINC 2011 taught by Professor Craigmellare during the Three '10 term at University of Sydney.
- Three '10
- Corporate Finance