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Anestetic [448]
2 years ago
8

On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($770 cost), with terms of 2/10, n/30, to th

e Baxter Company. On October 18, $220 of the merchandise ($170 cost) was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company.
Required:
Prepare the journal entries for the Patrick Company using the perpetual inventory system.
Business
1 answer:
Anna11 [10]2 years ago
7 0

Answer:

Patrick Company

Journal Entries:

Oct. 14: Debit Accounts receivable (Baxter Company) $1,200

Credit Sales revenue $1,200

To record the sale of goods on account, terms of 2/10, n/30.

Oct. 14: Debit Cost of goods sold $770

Credit Inventory $770

To record the cost of goods sold.

Oct. 18: Debit Sales returns $220

Credit Accounts receivable (Baxter Company) $220

To record the return of goods (wrong size) by Baxter.

Oct. 18: Debit Inventory $170

Credit Cost of goods sold $170

To record the cost of goods returned.

Oct. 24: Debit Cash $960

Debit Cash discounts $20

Credit Accounts receivable (Baxter Company) $980

To record the receipt of check on full settlement, including discounts.

Explanation:

a) Data and Calculations:

Oct. 14: Accounts receivable (Baxter Company) $1,200 Sales revenue $1,200, terms of 2/10, n/30.

Oct. 14: Cost of goods sold $770 Inventory $770

Oct. 18: Sales returns $220 Accounts receivable (Baxter Company) $220

Oct. 18: Inventory $170 Cost of goods sold $170

Oct. 24: Cash $960 Cash discounts $20 Accounts receivable (Baxter Company) $980

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Answer:

best combination of resources to use to produce a product.

Explanation:

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2 years ago
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klasskru [66]

Answer: $3312.4

Explanation:

The exchange rate in the rate at which a currency is being converted for another currency in the foreign exchange market. From the question, we are told that Walblue imports a desk from a French manufacturer for sale in its chain of U.S. stores.and that the cost of a desk to Walblue is 3,700 euros (€).

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Answer:

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