Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 6.00

Spencer Sporting Goods Company

a. Spencer Sporting Goods Company engaged in the following transactions in April 2010:

Apr. 1 Sold merchandise on account for USD 288,000; terms 2/10, n/30, FOB shipping point, freight collect.

5 USD 43,200 of the goods sold on account on April 1 were returned for a full credit. Payment for these goods had not yet been received.

8 A sales allowance of USD 5,760 was granted on the merchandise sold on April 1 because the merchandise was damaged in shipment.

10 Payment was received for the net amount due from the sale of April 1.

b. High Stereo Company engaged in the following transactions in July 2010.

July 2 Purchased stereo merchandise on account at a cost of USD 43,200; terms 2/10, n/30, FOB destination, freight prepaid.

15 Sold merchandise for USD 64,800, terms 2/10, n/30, FOB destination, freight prepaid.

16 Paid freight costs on the merchandise sold, USD 2,160.

20 High Stereo Company was granted an allowance of USD 2,880 on the purchase of July 2 because of damaged merchandise.

31 Paid the amount due on the purchase of July 2.

Prepare journal entries to record the transactions

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 12:09 AM My Price 6.00

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