Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Oct 2017 My Price 7.00

Tattle Company

Tattle Company engaged in the following transactions in October 2010:
Oct. 7 Sold merchandise on credit to Lina Ortiz, terms n/30, FOB shipping point, $6,000 (cost, $3,600).
8 Purchased merchandise on credit from Ruff Company, terms n/30, FOB shipping point, $12,000.
9 Paid Ruff Company for shipping charges on merchandise purchased on October 8, $508.
10 Purchased merchandise on credit from Sewall Company, terms n/30, FOB shipping point, $19,200, including $1,2200 freight costs paid by Sewall.
14 Sold merchandise on credit to Peter Watts, terms n/30, FOB shipping point, $4,800 (cost, $2,880).
Oct. 14 Returned damaged merchandise received from Ruff Company on October 8 for credit, $1,200.
17 Received check from Lina Ortiz for her purchase of October 7.
19 Sold merchandise for each, $3,600 (cost, $2,160).
20 Paid Sewall Company for purchase of October 10.
21 Paid Ruff Company the balance from the transactions of October 8 and October 14.
24 Accepted from Peter Watts a return of merchandise, which was put back in inventory, $400 (cost, $240).

Required
1. Prepare entries in journal form (refer to the Review Problem) so record the transactions assuming use of the perpetual inventory system.
2. Receiving cash rebates from suppliers based on the past year’s purchases is a common practice in some industries. If at the end of the year Tattle Company receives rebates in cash from a supplier, should these cash rebates be reported as revenue? Why or why not?

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Oct 2017 11:10 AM My Price 7.00

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