RECORD THE TRANSACTIONS FOR OAKLEY, THE SELLER Assume Oakley Incorporated-the maker of stylish...
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Accounting
RECORD THE TRANSACTIONS FOR OAKLEY, THE SELLER
Assume Oakley Incorporated-the maker of stylish sunglasses, goggles, and many other leading products-
a) Made merchandise costing $150,000 and sold the merchandise on credit to Sunglass Hut for $375,000 with terms 2/10, n/30.
b) SUNGLASS HUT, the customer, RETURNED TO OAKLEY $20,000 of the merchandise purchased --Oakley reduced Sunglasss account by the return.
c) Sunglass Hut paid the remaining balance within the discount period.
|
| Account | Debit | Credit |
| a) | ACCOUNTS RECEIVABLE | 375000 |
|
|
| SALES |
| 375000 |
|
| COST OF GOODS SOLD | 150000 |
|
|
| INVENTORY |
| 150000 |
|
|
|
|
|
| b) | SALES RET AND ALLO | 20000 |
|
|
| ACCOUNTS RECEIVABLE |
| 20000 |
|
| INVENTORY | 8000 |
|
|
| COST OF GOODS SOLD |
| 8000 |
| c) | CASH | 347900 |
|
|
| SALES DISCOUNT | 7100 |
|
|
| ACCOUNTS RECEIVABLE |
| 355000 |
How do you find the cost of inventory and cost of golds sold in B) from the amount returned?
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