Rippen Corporation journal entries.
\nThe following merchandise transactions occurred during December for two different companies: Rippen and Burnen. Both companies use a perpetual inventory system.
\nOn December 3, Rippen Corporation sold merchandise on account to Burnen Corp. for $493,000, terms 1\/10, n\/30. This merchandise originally cost Rippen $310,000.<\/p>\n
On December 8, Burnen Corp. returned merchandise to Rippen Corporation for a credit of $3,900. Rippen returned this merchandise to inventory at its original cost of $2,452.<\/p>\n
December 12, Burnen Corp. paid Rippen Corporation for the amount owed.<\/p>\n
Required:
\n(a)
\nPrepare the journal entries to record these transactions on the books of Rippen Corporation.
\nWhat is the amount of net sales to be reported on Rippen Corporation’s income statement?
\nWhat is the Rippen Corporation’s gross profit percentage?<\/p>\n","protected":false},"excerpt":{"rendered":"
Rippen Corporation journal entries. The following merchandise transactions occurred during December for two different companies: Rippen and Burnen. Both companies use a perpetual inventory system. On December 3, Rippen Corporation sold merchandise on account to Burnen Corp. for $493,000, terms Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19033","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/19033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=19033"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/19033\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=19033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=19033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=19033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}