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Hobbit Hotel received a shipment of souvenir robes on August 3,2021. The value of the...

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Accounting

Hobbit Hotel received a shipment of souvenir robes on August 3,2021. The value of the robes was $13,000.
Do not enter dollar signs or commas in the input boxes.
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a) The robes were shipped FOB shipping point, and freight charges came to $140. Prepare the journal entry to record the receipt of goods by Hobbit Hotel, assuming the payment will be made in September, using the perpetual inventory system.
Date Account Title and Explanation Debit Credit
2021
Aug 3 Answer
Answer
Answer
Answer
Purchased inventory
b) The robes were the wrong material. After some negotiation, the manager agreed to keep the products with a 18% allownace. Prepare the journal entry on August 14,2021 to record the purchase allowance. Assume that all robes are still in inventory. Allowances are not granted on freight charges.
Date Account Title and Explanation Debit Credit
2021
Aug 14 Answer
Answer
Answer
Answer
Purchase Allowance
c) Journalize the transaction for Hobbit Hotel when the payment is made on September 3,2021.
Date Account Title and Explanation Debit Credit
2021
Sep 3 Answer
Answer
Answer
Answer
Payment for the goods

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