Record these series of transactions in the general journal

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Reference no: EM132828286

Question - The following is a series of related transactions between Leggy Pants and Viking, a chain of retail clothing stores:

Sept. 11 Leggy Pants sold Viking 200 pairs of pants on account, terms 2/10, n/30. The cost of these pants to Leggy Pants was $30 per pair, and the sales price was $70 per pair.

Sept. 15 Viking returned 5 pairs of pants to Leggy Pants because they were the wrong size. Leggy Pants allowed Viking full credit for this return.

Sept. 21 Viking paid the remaining balance due to Leggy Pants within the discount period.

Both companies use a Perpetual Inventory system.

Required -

1. Record these series of transactions in the general journal of Leggy Pants.

2. Record these series of transactions in the general journal of Viking.

Record the transactions in Leggy Pants if receive collection after discount period Viking if pays after discount period.

Reference no: EM132828286

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