Presented below are transactions related to Bogner Company:
1. On December 3, Bogner Company sold $670,600 of merchandise to Maris Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $396,900
2. On December 8, Maris Co. was granted an allowance of $25,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due from Maris Co.
Required:
1. Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual inventory system.
2. Assume that Bogner Company received the balance due from Maris Co. on January 2 of the following year, instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
Answers: 3
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Presented below are transactions related to Bogner Company:
1. On December 3, Bogner Company sold...
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