Provide all relevant journal entries for the following scenarios (please provide the date on when each journal entry is recorded): 1) Scenario 1: Earthwear ordered 20 kayaks for $ 1,250 each from manufacturer B and paid the full amount on May 6th. The manufacturer shipped 10 kayaks out on May 8th which arrived on May 14th, and shipped the rest of the order out on May 25th which arrived on June 3rd. 2) Scenario 2: Earthwear ordered 40 snowboards on account for $500 each from manufacturer F on September 8th. Manufacturer offered a 2% discount if Earthwear pays the invoice within 30 days. The manufacturer shipped out all 40 snowboards on September 10th and all arrived on September 16th. Earthwear paid the full amount outstanding on October 5th.

Provide all relevant journal entries for the following scenarios (please provide the date on when each journal entry is recorded): 1) Scenario 1: Earthwear ordered 20 kayaks for $ 1,250 each from manufacturer B and paid the full amount on May 6th. The manufacturer shipped 10 kayaks out on May 8th which arrived on May 14th, and shipped the rest of the order out on May 25th which arrived on June 3rd. 2) Scenario 2: Earthwear ordered 40 snowboards on account for $500 each from manufacturer F on September 8th. Manufacturer offered a 2% discount if Earthwear pays the invoice within 30 days. The manufacturer shipped out all 40 snowboards on September 10th and all arrived on September 16th. Earthwear paid the full amount outstanding on October 5th.

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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