US Weypand, Financial Accounting, 10e Presented below are transactions neliabed

Question

US Weypand, Financial Accounting, 10e Presented below are transactions neliabed to Skysong, Inc On December 3, Skoseng, ncsol.00 of merchandoe on account to Riverbed Ca, t2//, FOB shipping point The cost of the merchandise sld w 2. On December &, Riverbed Co. was granted an allewance of 826,00 for merchandise purdhased on December 3 32,700 On December 13 received the balance due from Riwerbed Ce ndented whes amou Do not indlent manually If no entry is required, select "Wo Entry for the accownr nales and enter for the amounts Te ecand aredt sale) ortana. Ask me O D F8 12

Explanation / Answer

3-Dec Accounts Receivable 585800        Sales revenue 585800 3-Dec Cost of goods sold 382700       Merchandise inventory 382700 8-Dec Sales return and allowances 26600        Accounts Receivable 26600 13-Dec Cash 548016 Sales Discount 11184 =559200*2%        Accounts Receivable 559200 2-Jan Cash 559200        Accounts Receivable 559200

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