Presented below are transactions related to Bogner Company.

1. On December 3, Bogner Company sold $570,000 of merchandise to Maris Co., terms 2/10, n/30, FOB shipping point. the cost of the merchandise sold was $350,000.

2. On December 8, Maris Co. was granted an allowance of $20,000 for merchandise purchased on December 3.

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

Instructions:

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

b. 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.

Explanation:

The journal entries are shown below:

a. On December 3

Account receivable A/c Dr $570,000

            To Sales $570,000

(Being the goods are sold on credit)

Cost of goods sold A/c Dr $350,000

           To Merchandise Inventory A/c $350,000

(Being goods are sold at cost)

On December 8

Sales return and allowance A/c Dr $20,000

            To Accounts receivable $20,000

(Being sales return is recorded)  

On December 13

Cash A/c Dr                   $539,000

Sales Discount A/c Dr $11,000

     To  Accounts receivable    $550,000

(Being cash received recorded)

The computation of the account receivable  

= Credit sales - returned goods

= $570,000 - $20,000

= $550,000

And, the discount would be

= Accounts receivable × percentage given

= $550,000 × 2%

= $11,000

The remaining amount would be credited to the cash account.

b. On January 2

Cash $550,000

    To Account receivable $550,000

(Being the receipt of payment is recorded)

i think the answer is a. science center.

answerthe united states of america;