Reference no: EM13990993
Problem A: a. Spencer Sporting Goods engaged in the following transactions in April 2010 Apr. 1 Sold merchandise on account for USD 288,000; terms 2/10, n/30, FOB shipping point, freight collect.
5 USD 43,200 of the goods sold on account on April 1 were returned for a full credit. Payment for these goods had not been received.
8 A sales allowance of USD 5,760 was granted on the merchandise sold on April 1 because the merchandise was damaged in shipment.
10 Payment was received for the net amount due from the sale of April 1.
b. High Stereo Company engaged in the following transactions in July 2010.
July 2 Purchased stereo merchandise on account at a cost of USD 43,200; terms 2/10, n/30, FOB destination, freight prepaid.
15 Sold merchandise for USD 64,800, terms 2/10, n/30, FOB destination, freight prepaid.
16 paid freight costs on the merchandise sold, USD 2,160.
20 High Stereo Company was granted an allowance for USD 2,880 on the purchase of July 2 because of damaged merchandise.
31 Paid the amount due on the purchase of July 2.
Prepare journal entries to record the transactions.
Problem B:
Mars Musical Instruments Company and Tiger Company engaged in the following transactions with each other during July 2010:
July 2 Mars Instrument Company purchased merchandise on account with a list price of USD 48,000 from Tiger Company. The term were 3/EOM, n/60, FOB shipping point, freight collect. Trade discounts of 15 percent, 10 percent, and 5 percent were granted by Tiger Company.
5 The buyer paid the freight bill on the purchase of July 2, USD 1,104.
6 The buyer returned damaged merchandise with an invoice price of USD 2,790 to the seller and received full credit.
On the last day of the discount period, the buyer paid the seller for the merchandise.
Prepare all the necessary journal entries for the buyer and the seller.
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