Probiem 6.5B The following is a series of related transactions between Hip Pants and Sleek, a chain of retail clothing stores Е6 а. 12 Oct Hip Pants sold Sleek 300 pairs of pants on account, terms /10, n/30. The cost of these pants to ip Pants was $80 per pair, and the sales price was $240 per pair Wings Expres charged $400 for delivering the goods to Sleek. These charges were split evenly between the buyer and the seller and were paid immediatcly in cash. Sleek returned four pairs of pants to Hip Pants because they were the wrong size. Hip Pants allowed Sleek full credit for this return Sleek paid the remaining balance due to Hip Pants within the discount period 15 Oct 16 Oct 22 Oct. Both companies use a perpetual inventory system. Instructions Seller Record this series of iransactions in the general journal of Hip Pants. (The compan records sales at gross sales price.) Record this series of transactions in the general journal of Sleek. (The company records purchases of goods at netCost and uses a Transportation-in account to record transportation charges on inbound shipments.)r Co а. buyar b.
Probiem 6.5B The following is a series of related transactions between Hip Pants and Sleek, a chain of retail clothing stores Е6 а. 12 Oct Hip Pants sold Sleek 300 pairs of pants on account, terms /10, n/30. The cost of these pants to ip Pants was $80 per pair, and the sales price was $240 per pair Wings Expres charged $400 for delivering the goods to Sleek. These charges were split evenly between the buyer and the seller and were paid immediatcly in cash. Sleek returned four pairs of pants to Hip Pants because they were the wrong size. Hip Pants allowed Sleek full credit for this return Sleek paid the remaining balance due to Hip Pants within the discount period 15 Oct 16 Oct 22 Oct. Both companies use a perpetual inventory system. Instructions Seller Record this series of iransactions in the general journal of Hip Pants. (The compan records sales at gross sales price.) Record this series of transactions in the general journal of Sleek. (The company records purchases of goods at netCost and uses a Transportation-in account to record transportation charges on inbound shipments.)r Co а. buyar b.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Only need to do part B of the question
Transcribed Image Text:Probiem 6.5B The following is a series of related transactions between Hip Pants and Sleek, a
chain of retail clothing stores
Е6
а.
12 Oct
Hip Pants sold Sleek 300 pairs of pants on account, terms /10, n/30. The cost of these
pants to ip Pants was $80 per pair, and the sales price was $240 per pair
Wings Expres charged $400 for delivering the goods to Sleek. These charges were
split evenly between the buyer and the seller and were paid immediatcly in cash.
Sleek returned four pairs of pants to Hip Pants because they were the wrong size. Hip
Pants allowed Sleek full credit for this return
Sleek paid the remaining balance due to Hip Pants within the discount period
15 Oct
16 Oct
22 Oct.
Both companies use a perpetual inventory system.
Instructions
Seller
Record this series of iransactions in the general journal of Hip Pants. (The compan records
sales at gross sales price.)
Record this series of transactions in the general journal of Sleek. (The company records
purchases of goods at netCost and uses a Transportation-in account to record transportation
charges on inbound shipments.)r Co
а.
buyar
b.
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