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Prepare the journal entry to record the receipt of goods

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Question - Beds Unlimited received a shipment of bed sheets on September 6, 2019.

The value of the bed sheets was $12,000 and the sheets were shipped FOB shipping point. Freight charges came to $340. This company uses the perpetual inventory system.

a) Prepare the journal entry to record the receipt of goods by Beds Unlimited, assuming the payment will be made in October.

b) The bed sheets delievered to Beds Unlimited were the wrong material. After some negotiation, the manager agreed to keep the products with a 14% allowance. Prepare the journal entry on September 16, 2019 to record the purchase allowance. Assume that all bed sheets are still in inventory. Allowances are not granted on freight charges.

c) Journalize the transaction for Beds Unlimited when the payment is made on October 6, 2019.

Reference no: EM132910362

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