Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 6.00

retailer of washing machines

E8-4 Inventory Valuation A retailer of washing machines receives a rebate of $25 per machine purchased if total pur- chases exceed 1,000 units. On reviewing the inventory records in December, it discovers that it has purchased 1,100 units during the year. The company claims the rebate immediately but it is not received until   January.

Required

Prepare journal entries to record the claiming of the rebate and its receipt. What effect do these events have on the inventory valuation on December 31?

E8-5      Discounts The Hirsch Company buys inventory for $20,000 on terms of 2/10, n/30. It pays within the discount period.

Required

Prepare the journal entries to record the purchase and the payment under both the (1) gross price and (2) net price methods.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 04:08 PM My Price 6.00

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