Record journal entries for the following sales transactions of Balloon Depot Company using periodic and perpetual method. • Mar. 8 - Sold 570 balloon bundles to a customer on credit for P38 per bundle. The cost to Balloon Depot was P25 per bundle. Terms of the sale are 3/10, n/30, invoice dated March 8. • Mar. 11 - The customer returned 70 bundles for a full refund from Balloon Depot. Balloon Depot returns the balloons to their inventory at the original cost of P25 per bundle. • Mar. 18 - The customer paid their account in full from the March 8 purchase.
Record journal entries for the following sales transactions of Balloon Depot Company using periodic and perpetual method. • Mar. 8 - Sold 570 balloon bundles to a customer on credit for P38 per bundle. The cost to Balloon Depot was P25 per bundle. Terms of the sale are 3/10, n/30, invoice dated March 8. • Mar. 11 - The customer returned 70 bundles for a full refund from Balloon Depot. Balloon Depot returns the balloons to their inventory at the original cost of P25 per bundle. • Mar. 18 - The customer paid their account in full from the March 8 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:GLOBE "l
ON 47% D 1:05
Lite istructure.com
14
Problem 3
Record journal entries for the following
sales transactions of Balloon Depot
Company using periodic and perpetual
method.
• Mar. 8 - Sold 570 balloon bundles to a
customer on credit for P38 per
bundle. The cost to Balloon Depot
was P25 per bundle. Terms of the sale
are 3/10, n/30, invoice dated March
8.
• Mar. 11 - The customer returned 70
bundles for a full refund from Balloon
Depot. Balloon Depot returns the
balloons to their inventory at the
original cost of P25 per bundle.
• Mar. 18 - The customer paid their
account in full from the March 8
purchase.
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