Lerin Corp. had the following transactions in 20X1: a. Sold goods on 3 January to a U.S. customer for US$434,000 with terms 2/10, n/30. b. Received full payment for the 3 January sale on January 30. c. Sold goods on 15 February to a U.S. customer for US$384,000 with terms 1/15, n/30. d. Received full payment for the 15 February sale on 5 March. e. Sold goods on April 5 to a U.S. customer for US$234,000 with terms 2/10, n/30. Lerin Corp. has a 30 April year-end. Canadian Equivalencies 3 January 30 January 15 February 15 March 5 April 30 April US$ 1.20 1.18 1.19 1.18 1.20 1.23 Required: 1. Prepare journal entries for the above transactions including any adjustment needed at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Lerin Corp. had the following transactions in 20X1: a. Sold goods on 3 January to a U.S. customer for US$434,000 with terms 2/10, n/30. b. Received full payment for the 3 January sale on January 30. c. Sold goods on 15 February to a U.S. customer for US$384,000 with terms 1/15, n/30. d. Received full payment for the 15 February sale on 5 March. e. Sold goods on April 5 to a U.S. customer for US$234,000 with terms 2/10, n/30. Lerin Corp. has a 30 April year-end. Canadian Equivalencies 3 January 30 January 15 February 15 March 5 April 30 April US$ 1.20 1.18 1.19 1.18 1.20 1.23 Required: 1. Prepare journal entries for the above transactions including any adjustment needed at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
MN.2.
Transcribed Image Text:No
A
B
C
D
E
Transaction
a.
b.
C.
d.
Accounts receivable
Sales
e.
Cash
Accounts receivable
Accounts receivable
Sales
Cash
Accounts receivable
General Journal
Accounts receivable
Sales
*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
X
×
X
X
Debit
434,000 X
434,000 X
384,000
384,000 X
X
234,000 X
Credit
434,000 X
434,000
384,000
384,000
234,000 X
Transcribed Image Text:Lerin Corp. had the following transactions in 20X1:
a. Sold goods on 3 January to a U.S. customer for US$434,000 with terms 2/10, n/30.
b. Received full payment for the 3 January sale on January 30.
c. Sold goods on 15 February to a U.S. customer for US$384,000 with terms 1/15, n/30.
d. Received full payment for the 15 February sale on 5 March.
e. Sold goods on April 5 to a U.S. customer for US$234,000 with terms 2/10, n/30.
Lerin Corp. has a 30 April year-end.
Canadian Equivalencies
3 January
30 January
15 February
15 March
5 April
30 April
US $
1.20
1.18
1.19
1.18
1.20
1.23
Required:
1. Prepare journal entries for the above transactions including any adjustment needed at year-end. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
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