On dec 19 2011 the seller corp sold 12000 of merchandise, Ask an Expert

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On Dec. 19, 2011, the Seller Corp. sold $12,000 of merchandise inventory on account to the Buyer Corp. On Dec. 22, 2011, Buyer called Seller to report that a portion of the goods had been damaged during shipment. Buyer asked for and received a $300 discount from Seller for these damaged goods. These damaged goods had been sold to Buyer for $2,200 and had cost Seller $1,700. Both Seller and Buyer maintain a periodic inventory.

Required:
(a) Make the necessary Dec. 22, 2011 entry for Buyer; and
(b) Make the necessary Dec. 22, 2011 entry for Seller

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980295

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