A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $25,000, but the supplier gave J.K. Builders a 12 percent discount. J.K. Builders has not yet received the $22,000 bill from the supplier. Record the transaction. In a general journal

A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $25,000, but the supplier gave J.K. Builders a 12 percent discount. J.K. Builders has not yet received the $22,000 bill from the supplier. Record the transaction. In a general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1EA: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of...

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On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.
On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Record the journal entries for Bates to recognize the following transactions. the initial sale the subsequent customer payment on March 10
EA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.A. the initial saleB. the subsequent customer payment on March 10
Oswego Clay Pipe Company sold $45,800 of pipe to Southeast Water District 45 on April 12 of the current year with terms 2/15./60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?
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On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
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