Chap5 Ex Sol 2010

Chap5 Ex Sol 2010 - A. (1) Journal entries for the buyer...

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ACCT2111 1 Chapter 5 A. Journal entries for the buyer and the seller in a periodic inventory system: (1) Seller -- Scott Company using periodic inventory system : July 1 Accounts Receivable 5,000 Sales 5,000 July 3 Freight-out 250 Cash 250 July 9 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 July 15 Cash 4,000 Accounts Receivable 4,000 (Sales $5,000 – Returned $1,000) July 16 Accounts Receivable 12,000 Sales 12,000 16 Accounts Receivable 500 Cash 500 (Freight charges prepaid by Scott Company.) July 19 Sales Returns and Allowances 2,000 Accounts Receivable 2,000 July 22 Cash 10,300 Sales Discounts [($12,000 - $2,000) x 2%] 200 Accounts Receivable 10,500 ($12,000 - $2,000 + $500) July 30 Accounts Receivable 7,500 Sales 7,500 July 31 No entry needed
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ACCT2111 2 Chapter 5 (2) Buyer -- Burton Company using periodic inventory system: July 1 Purchases 5,000 Accounts Payable 5,000 July 3 No entry needed July 9 Accounts Payable 1,000 Purchases Returns and Allowance 1,000
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Chap5 Ex Sol 2010 - A. (1) Journal entries for the buyer...

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