nt Exercise 5-5 Presented below are transactions related to Bogner Company. 1. O
ID: 2555499 • Letter: N
Question
nt Exercise 5-5 Presented below are transactions related to Bogner Company. 1. On December 3, Bogner Company sold $654,200 of merchandise to Maris Co., terms 4/10, n/30, FOB s 2. On December 8, Maris Co. was granted an allowance of $23,900 for merchandise purchased on Decemb 3. On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual in when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the No. Date Account Titles and Explanation Debit Credit 1, Dec. 3 ? Accounts Receivable 654200 sales 654200 (To record credit sale) Cost of Goods Sold Inventory Dec. 3 373500 373500 (To record cost of merchandise sold) 2. Dec. 8 Sales Returns and Allowan 23900 Accounts Receivable 23900 3. Dec. 13 Cash Sales Discounts Policy I c-2000-2018 John Wiley & Sons. Inc All Rights Reserved. A Division of John Wiley & Sons, Inc. earchExplanation / Answer
Dec 13 Cash $ 605,088
Sales Discounts $ 25,212
Accounts Receivable $ 630,300
Accounts Receivable = $654,200 - $23,900 = $630,300
Sales Discounts = $ 630,300 x 4% = $25,212
Cash = $630,300 - $25,212 = $605,088
(All the other entries are correct)
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