Seawolves4life
Nov 17, 2009, 08:46 AM
Based on the information below, journalize the entries for seller and buyer. Both use perpetual inventory system:
A) Seller sells Buyer on account merchadise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45.
B) Buyers returns as defective $145 worth of the $645merchandise received. The sellers cost is $70.
C) Buyer pays within the discount period.
A) Seller sells Buyer on account merchadise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45.
B) Buyers returns as defective $145 worth of the $645merchandise received. The sellers cost is $70.
C) Buyer pays within the discount period.