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Mathematics, 28.06.2021 20:10 zanaeb238
Assume you are the bookkeeper for Violet's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Chad's Retailers is unhappy with the quality of some tables delivered on April 7, 2019, and will be shipping back all of the goods. The original invoice amounted to $4,000 and the goods cost Violet's $1,000. Using a perpetual inventory system, complete the journal entries for Violet's Wholesalers for each of the following independent scenarios.
Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places.
Enter debit accounts in alphabetical order.
Required
a) Rather than taking back the tables, your sales manager agreed to allow Chad's Retailers a 5% discount if they agree to keep the goods. Record Chad's payment in settlement of the invoice on May 7 assuming the allowance is not recorded until the settlement date.
b) Suppose that Chad's shipped back all of the goods on April 17 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales return transaction first.
c) Suppose that Chad's shipped back half of the goods on April 17 and kept the other half with a 10% allowance. Journalize the transactions. Record the sales return transaction first.
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Assume you are the bookkeeper for Violet's Wholesalers, a distributor of kitchen furniture. Your sal...
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