Reference no: EM13765355
(Sales Recorded Both Gross and Net)
On October 5, Veri-Wyn Company sold to Dunn & Brooks merchandise having a sale price of $23,000 with terms of 1/10, n/30, f.o.b. shipping point. Dunn & Brooks received the goods on October 9 and promptly notified Veri-Wyn Company that merchandise costing $2,400 contained flaws that rendered it worthless. The same day Veri-Wyn Company issued a credit memo covering the worthless merchandise and asked that it be returned at company expense. An invoice totaling $230, terms n/30, was received by Dunn & Brooks on October 8 from Sugarland Express for the freight cost. The freight on the returned merchandise was $36, paid by Veri-Wyn Company on October 25. Finally, Veri-Wyn received a check for the balance due from Dunn & Brooks on November 2.
Instructions
(a) Prepare journal entries on Veri-Wyn Company books to record all the events noted above under each of the following bases.
(1) Sales and receivables are entered at gross selling price.
(2) Sales and receivables are entered net of cash discounts.
(b) Prepare the journal entry under basis 2, assuming that Dunn & Brooks remitted the payment on October 14.
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