Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Co...
Business, 21.03.2020 07:28 JvGaming2001
Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Company sold $570,000 of merchandise to Maris Co., terms 2/10, n/30, FOB shipping point. the cost of the merchandise sold was $350,000.
2. On December 8, Maris Co. was granted an allowance of $20,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due from Maris Co.
Instructions:
a. Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual inventory system.
b. Assume that Bogner Company received the balance due from Maris Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
Answers: 1
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