Example 1. On April 15, X Company sold Merchandise to Y Company for $1,500 on terms of 2/10, n/30, FOB shipping and the transportation cost was for $200. Record the entries in both X company and Y Company assume that both used Perpetual inventory system: a) The Sale and Purchase b) A return of merchandise on April 20 of $300 c) Payment in full on April 25 • Click to add
Example 1. On April 15, X Company sold Merchandise to Y Company for $1,500 on terms of 2/10, n/30, FOB shipping and the transportation cost was for $200. Record the entries in both X company and Y Company assume that both used Perpetual inventory system: a) The Sale and Purchase b) A return of merchandise on April 20 of $300 c) Payment in full on April 25 • Click to add
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Font
Paragraph
Drawing
Editing
Example
1. On April 15, X Company sold Merchandise to Y Company for $1,500 on terms
of 2/10, n/30, FOB shipping and the transportation cost was for $200. Record
the entries in both X company and Y Company assume that both used
Perpetual inventory system:
a) The Sale and Purchase
b) A return of merchandise on April 20 of $300
c) Payment in full on April 25
Click to add
text
ick to add notes
Comments](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8175b87a-87f2-4667-9d17-7361527364b6%2F6f2639d9-5944-48f5-a82f-0493742e20d8%2F3578twnh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Font
Paragraph
Drawing
Editing
Example
1. On April 15, X Company sold Merchandise to Y Company for $1,500 on terms
of 2/10, n/30, FOB shipping and the transportation cost was for $200. Record
the entries in both X company and Y Company assume that both used
Perpetual inventory system:
a) The Sale and Purchase
b) A return of merchandise on April 20 of $300
c) Payment in full on April 25
Click to add
text
ick to add notes
Comments
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