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  • Refer To Be5 5 and Prepare The Journal Entries To Record

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    Miroslav Gegoski
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    Feng Corp. sold $10,000 of merchandise to Xiaoyan Ltd. on credit terms of 1/10, n/30, FOB destination. The cost of goods sold was $7,500 and freight costs of $150 were paid. Additionally, $1,000 of merchandise was returned by Xiaoyan with a cost of $750 and was restored to inventory. Journal entries are needed to record these sales transactions.

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    Refer to Be5 5 and Prepare the Journal Entries to Record

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    Refer to Be5 5 and Prepare the Journal Entries to Record

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    Feng Corp. sold $10,000 of merchandise to Xiaoyan Ltd. on credit terms of 1/10, n/30, FOB destination. The cost of goods sold was $7,500 and freight costs of $150 were paid. Additionally, $1,000 of merchandise was returned by Xiaoyan with a cost of $750 and was restored to inventory. Journal entries are needed to record these sales transactions.

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    © All Rights Reserved
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    9 views1 page

    Refer To Be5 5 and Prepare The Journal Entries To Record

    Uploaded by

    Miroslav Gegoski
    Feng Corp. sold $10,000 of merchandise to Xiaoyan Ltd. on credit terms of 1/10, n/30, FOB destination. The cost of goods sold was $7,500 and freight costs of $150 were paid. Additionally, $1,000 of merchandise was returned by Xiaoyan with a cost of $750 and was restored to inventory. Journal entries are needed to record these sales transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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    Refer to BE5 5 and prepare the journal entries to record

    #8548
    Refer to BE5 5 and prepare the journal entries to record

    Refer to BE5-5 and prepare the journal entries to record the following sales transactions in Feng
    Corp.'s books. Feng uses a perpetual inventory system.

    Jan. 2 Feng sold $10,000 of merchandise to Xiaoyan Ltd., terms 1/10, n/30, FOB destination.
    The cost of the merchandise sold was $7,500.

    5 The appropriate company paid freight costs of $150.

    6 Xiaoyan returned $1,000 of the merchandise purchased from Feng on January 2, because it
    was not needed. The cost of the merchandise returned was $750, and it was restored to
    inventory.

    11 Feng received the balance due from Xiaoyan.

    Refer to BE5 5 and prepare the journal entries to record

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