The following transactions are for Solarte Company. (Credit
account titles are automatically indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem.)
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1.
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On December 3, Solarte Company sold $506,900 of merchandise to
Rooney Co., terms 2/10, n/30. The cost of the merchandise sold was
$329,800.
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2.
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On December 8, Rooney Co. was granted an allowance of $25,300
for merchandise purchased on December 3.
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3.
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On December 13, Solarte Company received the balance due from
Rooney Co.
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(a)
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Prepare the journal entries to record these transactions on the
books of Solarte Company. Solarte uses a perpetual inventory system.
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(b)
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Assume that Solarte Company received the balance due from Rooney
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.
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Date
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Account
Titles and Explanation
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Debit
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Credit
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a)
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(To record credit sale)
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Dec. 13
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b)
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