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#5: 12/23/13: Receive goods from a purchase order: Receiv...
Business, 21.02.2020 16:23 sebascarvallo2003
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#5: 12/23/13: Receive goods from a purchase order: Received merchandise from Velocity Sporting Goods as listed on purchase order No. 328 along with invoice #34719. The payment terms on the invoice are 2/10, Net 30. All merchandise listed on the purchase order was delivered in good condition and in the quantities ordered, except that only 100/115 basketball pole pads were received. The total of the invoice is $18,340. The goods were placed immediately in the inventory warehouse.
#6: 12/23/13: Collect an outstanding account receivable and make a bank deposit: Received check No. 28564 for $1,622.88, from Branch College for payment in full of sales invoice No. 730, and deposited the check. The early payment discount taken by Branch College was $33.12.
#7 12/23/13: Write off an uncollectible account receivable: Received legal notification from Benson, Rosenbrook, and Martinson, P. C., attorneys at law, that Stevenson College is unable to pay any of its outstanding debts to its suppliers. The $2,900 balance remaining on invoice #719 should therefore be written off as uncollectible. Recall that Waren uses the allowance method for recording bad debt expense.
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