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Question
1st question
Franks Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
Franks Company sold on account $2,500 of merchandise to Brads Company on May 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by Franks Company.
Brads Company returned, to Franks Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400.
How would you prepare a general journal entry for Franks company for May 2 and May 3?
2nd question
Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return?
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