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Record the sales return transaction first

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Question - Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Chad's Retailers is unhappy with the quality of some tables delivered on May 5, 2019, and will be shipping back all of the goods. The original invoice amounted to $3,000 and the goods cost Vivien's $1,200. Using a perpetual inventory system, complete the journal entries for Vivien's Wholesalers for each of the following independent scenarios.

Rather than taking back the tables, your sales manager agreed to allow Chad's Retailers a 5% discount if they agree to keep the goods. Record Chad's payment in settlement of the invoice on June 5 assuming the allowance is not recorded until the settlement date.

Suppose that Chad's shipped back all of the goods on May 15 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales return transaction first.

Suppose that Chad's shipped back half of the goods on May 15 and kept the other half with a 10% allowance. Journalize the transactions. Record the sales return transaction first.

Reference no: EM132588601

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