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Solved: Nov 3: Sold $2,400 Of Merchandise On Account, Terms 4/15, N/45, FOB Shipping Point. Bridgeport Audio, Inc., Prepaid $90 Of Shipping Costs And Added The Amount To The Customer's Invoice. Begin

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Nov 3: Sold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shSold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shipping



Nov 3: Sold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shipping costs and added the amount to the customer's invoice. Begin by recording the sale portion of the entry. (Do not yet record the cost related to the sale. We will do this in the next journal entry. Prepare a compound entry accounting for the sales revenue as well as the cash paid for shipping.) Journal Entry Accounts Debit Credit Date Nov 3 Sold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shipping costs Nov 3 and added the amount to the customer's invoice. 7 Issued a credit memo to the customer acknowledging the return of $400 (sales price) of unwanted goods. 16 Received payment in full from the customer for the November 3 invoice

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Solution: Journal Entries Date Particulars Debit Credit 3-Nov Accounts receivables Dr $2,490.00

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