Business, 04.04.2020 07:48 alondrabdiaz586
On June 29, 2019 Hulu Company placed an order to purchase 10,000 units of "This is Us" Merchandise from the seller The Big Three Company. Unit price for the merchandise was $4.50 while The Big Three company originally paid a cost of $3.00.
As The Big Three Company was trying to attract more customers and expand, it began its promotion of providing a discount of 15% to any customers that order 10,000 units or more with an additional discount of 2/10, n/30. Both companies use the gross method for purchases and discounts. On July 2, 2019 The Big Three Company shipped the merchandise on F. O.B. Shipping Point, and the merchandise arrived on July 10th. Shipping cost of $3,000 was pre-paid by The Big Three Company. On July 11th, Hulu paid off the balance after returning 500 units.
Choose either Hulu or The Big Three and prepare all the journal entries related to this transaction from the chosen company’s perspective in the following format:
Date: MM/DD/YY
Dr. Account………...XX
Cr. Account……
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On June 29, 2019 Hulu Company placed an order to purchase 10,000 units of "This is Us" Merchandise f...
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