Reference no: EM132853424
Problem - The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.
Dec. 3 Pippen Company sold merchandise to Thomas Co. for $32,000, terms 2/10, n/30, FOB destination. This merchandise cost Pippen Company $18,000.
Dec. 4 The correct company paid freight charges of $650.
Dec. 8 Thomas Co. returned unwanted merchandise to Pippen. The returned merchandise had a sales price of $1,800 and a cost of $990. It was restored to inventory.
Dec. 13 Pippen Company received the balance due from Thomas Co.
Required -
a. Prepare the journal entries to record these transactions on the books of Pippen Company.
b. Prepare the journal entries to record these transactions on the books of Thomas Co.
c. Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, deter Vate Windows mine the balance in the Merchandise Inventory account at the end of December for Thomas Co.
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