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  • Question 3

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    Mary Charmaine Realino
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    Balloon Depot sold 570 balloon bundles to a customer on credit on March 8th for $38 per bundle, with a cost of $25 per bundle. On March 11th, the customer returned 70 bundles for a full refund, which were returned to inventory at $25 per bundle. On March 18th, the customer paid their account in full from the March 8th purchase, less a 3% discount.

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    Balloon Depot sold 570 balloon bundles to a customer on credit on March 8th for $38 per bundle, with a cost of $25 per bundle. On March 11th, the customer returned 70 bundles for a full refund, which were returned to inventory at $25 per bundle. On March 18th, the customer paid their account in full from the March 8th purchase, less a 3% discount.

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    2 views1 page

    Question 3

    Uploaded by

    Mary Charmaine Realino
    Balloon Depot sold 570 balloon bundles to a customer on credit on March 8th for $38 per bundle, with a cost of $25 per bundle. On March 11th, the customer returned 70 bundles for a full refund, which were returned to inventory at $25 per bundle. On March 18th, the customer paid their account in full from the March 8th purchase, less a 3% discount.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Question 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.

    Accounts Receivables 21,660

    Sales 21,660

    Cost of Goods Sold 14,250

    Merchandise Inventory 14,250

    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.

    Sales Return 1,750

    Accounts Receivables 1,750

    Mar. 18

    The customer paid their account in full from the March 8 purchase.

    Cash 18,914.50

    Sales Discount 995.50

    Accounts Receivables 19,910

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