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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 11.00

Tattle Company

Tattle Company engaged in the following transactions in October 20xx:

 

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 Curry Company for shipping charges on merchandise pur-

 

chased on October 8, $508.

10

Purchased merchandise on credit from Sewall Company, terms n/30,

 

FOB shipping point, $19,200, including $1,200 freight costs paid by

 

Sewall.

14

Sold merchandise on credit to Peter Watts, terms n/30, FOB shipping

 

point, $4,800 (cost, $2,880).

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 cash, $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) to record the transactions, assuming use of the perpetual inventory system.

2. User Insight: 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 08 Aug 2017 04:08 PM My Price 11.00

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