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Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on October 10 to The Book Sleuth. Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth on October 13. On October 25, The Book Sleuth paid the balance due. (Assume both companies use a perpetual inventory system.) Requirement 1. Journalize The Book Sleuth's October transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each on October 10 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Accounts Debit Credit Oct. 10 Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Debit Credit Oct. 13 Accounts Oct. 25: The Book Sleuth paid the balance due. Record the transaction on the books of The Book Sleuth. Date Accounts Debit Credit Oct. 25 Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Done

Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on October 10 to The Book Sleuth. Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth on October 13. On October 25, The Book Sleuth paid the balance due. (Assume both companies use a perpetual inventory system.) Requirement 1. Journalize The Book Sleuth's October transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each on October 10 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Accounts Debit Credit Oct. 10 Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Debit Credit Oct. 13 Accounts Oct. 25: The Book Sleuth paid the balance due. Record the transaction on the books of The Book Sleuth. Date Accounts Debit Credit Oct. 25 Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Done

FINANCIAL ACCOUNTING
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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Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on October 10 to The Book Sleuth. Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth on October 13. On October 25, The Book Sleuth paid the balance due. (Assume both companies use a perpetual inventory system.) Requirement 1. Journalize The Book Sleuth's October transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each on October 10 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Credit Date Oct. 10 Accounts Oct. 25 Debit Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Accounts Credit Oct. 13 Oct. 25: The Book Sleuth paid the balance due. Record the transaction on the books of The Book Sleuth. Date Credit Accounts Debit -C Debit Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Done - X
Transcribed Image Text:Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on October 10 to The Book Sleuth. Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth on October 13. On October 25, The Book Sleuth paid the balance due. (Assume both companies use a perpetual inventory system.) Requirement 1. Journalize The Book Sleuth's October transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each on October 10 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Credit Date Oct. 10 Accounts Oct. 25 Debit Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Accounts Credit Oct. 13 Oct. 25: The Book Sleuth paid the balance due. Record the transaction on the books of The Book Sleuth. Date Credit Accounts Debit -C Debit Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Done - X
Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Oct. 10 Now journalize the expense related to the October 10 sale. Date Oct. 10 Accounts Debit Credit Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of Rainforest.com. Date Accounts Credit Debit Oct. 13 Done X
Transcribed Image Text:Requirement 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) to The Book Sleuth. Record the transaction on the books of Rainforest.com. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Oct. 10 Now journalize the expense related to the October 10 sale. Date Oct. 10 Accounts Debit Credit Requirements 1. Journalize The Book Sleuth's October transactions. 2. Journalize Rainforest.com's October transactions. The company estimates sales returns at the end of each month. Print Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of Rainforest.com. Date Accounts Credit Debit Oct. 13 Done X
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