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Prepare the journal entry to record the receipt of payment

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Reference no: EM132746132

The following transactions are for Kale Company.

(1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/30, n/10. The cost of the merchandise sold was $320,000.

(2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3.

(3) On December 13 Kale Company received the balance due from Thomson Co.

Instructions

Problem (a) Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system.

Problem (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

Reference no: EM132746132

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