LO 6.4 RE6-5 Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman: Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons. RE6-6 Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for LO 6.4 Longmire & Sons.

LO 6.4 RE6-5 Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman: Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons. RE6-6 Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for LO 6.4 Longmire & Sons.

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Description: Please help me solve RE6-5/RE6-6 with solution explained in an Excel workbook. Thank you for your help. LO 6.4RE6-5 Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goodssold is $400,000. Longmire

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 5RE: Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the...

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Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the goods sold is 400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, 9,000 worth of goods (with a cost of 7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire Sons.
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Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons.
Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system.
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