Presented below are transactions related to Tamarisk, Inc.. 1 2 3. (a) (b) On December 3, Tamarisk, Inc. sold $670,800 of merchandise on account to Culver Co., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was $373,300. On December 8, Culver Co. was granted an allowance of $29,200 for merchandise purchased on December 3. On December 13, Tamarisk, Inc. received the balance due from Culver Co. Assume that Tamarisk, Inc. received the balance due from Culver Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Date Jan. 2 Debit
Presented below are transactions related to Tamarisk, Inc.. 1 2 3. (a) (b) On December 3, Tamarisk, Inc. sold $670,800 of merchandise on account to Culver Co., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was $373,300. On December 8, Culver Co. was granted an allowance of $29,200 for merchandise purchased on December 3. On December 13, Tamarisk, Inc. received the balance due from Culver Co. Assume that Tamarisk, Inc. received the balance due from Culver Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Date Jan. 2 Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Presented below are transactions related to Tamarisk, Inc...
1.
2
3.
(a)
(b)
On December 3, Tamarisk, Inc. sold $670,800 of merchandise on account to Culver Co., terms 3/10, n/30, FOB
shipping point. The cost of the merchandise sold was $373,300.
On December 8, Culver Co. was granted an allowance of $29,200 for merchandise purchased on December 3.
On December 13, Tamarisk, Inc. received the balance due from Culver Co.
Assume that Tamarisk, Inc. received the balance due from Culver Co. on January 2 of the following year instead of
December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts.)
E
Date
Jan. 2
Account Titles and Explanation
Debit
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