Question 3 Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. May 2: Ludwig Inc.'s merchandise that cost $6,080 was sold to Southgate Inc. for $7,600 under credit terms of 2/15, n/60, FOB shipping point. b. May 23: Southgate Inc. received a $3,400 credit memorandum from Ludwig Inc. acknowledging the return of defective merchandise. c. May 28: Southgate Inc. paid Ludwig Inc. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Please use the '+ and buttons to change the number of accounts (if necessary) for each journal entry. a) Southgate Inc. b) Ludwig Inc. Date +- +- General Journal Account/Explanation F Debit Page GJ6 Credit Date +5 + General Journal Account/Explanation F Debit Page GJ6 Credit

Question 3 Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. May 2: Ludwig Inc.'s merchandise that cost $6,080 was sold to Southgate Inc. for $7,600 under credit terms of 2/15, n/60, FOB shipping point. b. May 23: Southgate Inc. received a $3,400 credit memorandum from Ludwig Inc. acknowledging the return of defective merchandise. c. May 28: Southgate Inc. paid Ludwig Inc. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Please use the '+ and buttons to change the number of accounts (if necessary) for each journal entry. a) Southgate Inc. b) Ludwig Inc. Date +- +- General Journal Account/Explanation F Debit Page GJ6 Credit Date +5 + General Journal Account/Explanation F Debit Page GJ6 Credit

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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