I don't know what my prof means by how to use the periodic inventory approach. This is the question: Prepare the journal entries for both the seller's and buyer's book assuming both companies use a periodic inventory approach: Seller: January 3: Sold $3,000 of merchandise on account, terms 1/10, n/30 January 10: Recieved payment for the balance due. Buyer: January 3: Purchased merchandise on account $3,000 January 8: Returned $200 of the merchandise January 10: Paid the balance due
I don't know what my prof means by how to use the periodic inventory approach. This is the question: Prepare the journal entries for both the seller's and buyer's book assuming both companies use a periodic inventory approach: Seller: January 3: Sold $3,000 of merchandise on account, terms 1/10, n/30 January 10: Recieved payment for the balance due. Buyer: January 3: Purchased merchandise on account $3,000 January 8: Returned $200 of the merchandise January 10: Paid the balance due
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I don't know what my prof means by how to use the periodic inventory approach. This is the question:
Prepare the
Seller:
January 3: Sold $3,000 of merchandise on account, terms 1/10, n/30
January 10: Recieved payment for the balance due.
Buyer:
January 3: Purchased merchandise on account $3,000
January 8: Returned $200 of the merchandise
January 10: Paid the balance due
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