accounting-Presented below are transactions related to Bogner Company.

QUESTION

Presented
below are transactions related to Bogner Company.

1
On December 3, Bogner Company sold $667,100 of
merchandise to Maris Co., terms 3/10, n/30, FOB shipping point. The cost
of the merchandise sold was $386,600.

2
On December 8, Maris Co. was granted an allowance of
$21,000 for merchandise purchased on December 3.

3
On December 13, Bogner Company received the balance due from
Maris Co.

Prepare
the journal entries to record these transactions on the books of Bogner
Company using a perpetual inventory system.

(Credit
account titles are automatically indented when amount is entered. Do not
indent manually.)

No.
Date
Account Titles and Explanation
Debit
Credit

1
Dec. 3

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(To record credit sale.)

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(To record cost of merchandise
sold.)

2
Dec. 8

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3
Dec. 13

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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.

(Credit account titles are automatically
indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit

Jan. 2

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