On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste toWong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are1/5, n/30. Shipping terms are FOB Destination.On March 14 Wong realizes that the toothpaste they received does not havethe Disney characters on the packaging. They specifically ordered the Disneycharacters for their pediatric patients. Wong contacts Sugimoto, who agreesto give them a $800 allowance. Wong agrees to keep the toothpaste to giveaway to their adult patients.Prepare the journal entry for Wong to record the allowance.DR:CR:Prepare the journal entry for Sugimoto to record the allowance.DDR:CR:THEN MEGEMEEFristaM On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste toWong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are1/5, n/30. Shipping terms are FOB Destination.On March 14 Wong realizes that the toothpaste they received does not havethe Disney characters on the packaging. They specifically ordered the Disneycharacters for their pediatric patients. Wong contacts Sugimoto, who agreesto give them a $800 allowance. Wong agrees to keep the toothpaste to giveaway to their adult patients.Prepare the journal entry for Wong to record the allowance.DR:CR:Prepare the journal entry for Sugimoto to record the allowance.DDR:CR:THEN MEGEMEEFristaM

A sales allowance is a discount applied to the selling price of products or services that a company…

On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5, n/30. Shipping terms are FOB Destination. On March 14 Wong realizes that the toothpaste they received does not have the Disney characters on the packaging. They specifically ordered the Disney characters for their pediatric patients. Wong contacts Sugimoto, who agrees to give them a $800 allowance. Wong agrees to keep the toothpaste to give away to their adult patients. Prepare the journal entry for Wong to record the allowance. DR: CR: Prepare the journal entry for Sugimoto to record the allowance. DR: CR:

On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5, n/30. Shipping terms are FOB Destination. On March 14 Wong realizes that the toothpaste they received does not have the Disney characters on the packaging. They specifically ordered the Disney characters for their pediatric patients. Wong contacts Sugimoto, who agrees to give them a $800 allowance. Wong agrees to keep the toothpaste to give away to their adult patients. Prepare the journal entry for Wong to record the allowance. DR: CR: Prepare the journal entry for Sugimoto to record the allowance. DR: CR:

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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