Accounting Porblem Pls Help?

 On December 3, Cisco Company sold to Panasonic Company merchandise having a sale price of $8,500 with term of 4/10, n/90, F.O.B shipping point.
 On December 8 an invoice totaling $250, terms n/30, was received by Panasonic from FedEx Transport Service for the freight cost.
 On December 12, Cisco received a check for the balance due from Panasonic Company.
 Prepare journal entries on Cisco Company books to record all the events noted above under each of the following bases:
a) Sales and receivables are entered at gross selling price.
b) Sales and receivables are entered at net of cash discounts.
 Prepare the journal entry under basis 2, assuming that Panasonic Company did not remit payment until January 29

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews