BES-6 Refer to BES-S and preparethe journal entries to record the following sale

Question

BES-6 Refer to BES-S and preparethe journal entries to record the following sales transactions in BES-6 Refer to BES-5 and p Fundy uses a perpetual inventory system. following sales transactions in Fundy Record sales transactions (SO 3) Jan. 2 Fundy sold s15,000of merchandise to Xt ra Inc., terms 2/10, n/45, FOB d cost of the merchandise sold was $11,250. The appropriate company paid freight costs of $300. 5 6 Xtra returned $2,000 of the merchandise purchased from Fundy on January 2, because it wa not needed. The cost of the merchandise returned was $1,500, and it was restored to inventory 11 Fundy received the balance due from Xtra.

Explanation / Answer

Date Account Debit Credit Jan.2 Accounts receivable 15000 Sales 15000 [goods sold on credit] Cost of goods sold 11250 Inventory 11250 [COGS accounted] Jan.5 Freight out 300 Cash 300 [ in case of FOB destination, seller pays freight] Jan.6 Sales returns 2000 Accoutns receivable 2000 [goods returned] Inventory 1500 cost of goods sold 1500 [goods returned] Jan.11 Cash 12740 discount on sales 260 accounts receivable 13000 [discount = 13000*2%= 260]

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