Course Answers

BUSINESS
COMPUTER SCIENCE
OTHER COURSES
My Profile

Solved: 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 Issue

By |

Sold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shippingJournalize the following transactions for Bridgeport Audio, Inc., that occurred during the month of November assuming the ne



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 Journalize the following transactions for Bridgeport Audio, Inc., that occurred during the month of November assuming the "net" method is used. Bridgeport Audio's cost of inventory is 55 percent of the sales price. (Record debits first, then credits. Exclude explanations from any journal entries.) Click the icon to view the transactions.) 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 Credit Accounts Debit Date 3 Accounts receivable 2490 Nov Sales revenue 2490 Cash 90

Answer Preview

Journal Entry Date Accounts Debit Credit Nov-03 Accounts receivable $ 2,394 Sales revenue [$2400 - ($2400 X 4%)] $ 2,304

Get Answer Now


Buy (USD $9.00)

Get Answer Now

Answered
Buy @ USD $9.00
Related Questions

OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES
OTHER COURSES