Bridgeport Home Electronics Corp. completed the following merchandising transa of July, Bridgeport's ledger showed Cash $14,000; Accounts Receivable $6,300; Inventory $7,700; Common Shares $12,600; and Retained Earnings $15,400. Bridgeport Home has experienced a return rate of 2% of sales and uses a perpetual inventory system. July 2 Sold merchandise on account to Home Security Ltd. for $6,300, terms n/45, FOB destination. The cost of the merchandise was $4,200. 2 4 5 8 9 11 Freight charges of $140 were paid by the appropriate party on the merchandise sold. Purchased merchandise on account from Al Gadgets Inc. for $9,800, terms 2/10. n/30, FOB shipping point. Freight charges of $350 were paid by the appropriate party on the merchandise purchased on July 4. Collected $2.100 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Paid a $130 cash refund to customers for returned merchandise. The cost of the returned merchandise was $40. It was restored to inventory. Received a $560 credit from Al Gadgets when merchandise was returned.

Bridgeport Home Electronics Corp. completed the following merchandising transa of July, Bridgeport's ledger showed Cash $14,000; Accounts Receivable $6,300; Inventory $7,700; Common Shares $12,600; and Retained Earnings $15,400. Bridgeport Home has experienced a return rate of 2% of sales and uses a perpetual inventory system. July 2 Sold merchandise on account to Home Security Ltd. for $6,300, terms n/45, FOB destination. The cost of the merchandise was $4,200. 2 4 5 8 9 11 Freight charges of $140 were paid by the appropriate party on the merchandise sold. Purchased merchandise on account from Al Gadgets Inc. for $9,800, terms 2/10. n/30, FOB shipping point. Freight charges of $350 were paid by the appropriate party on the merchandise purchased on July 4. Collected $2.100 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Paid a $130 cash refund to customers for returned merchandise. The cost of the returned merchandise was $40. It was restored to inventory. Received a $560 credit from Al Gadgets when merchandise was returned.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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