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.

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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2 )
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14 )
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