The Following Transactions Are for Kale Company

question 57

Essay

The following transactions are for Kale Company.
(1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/10. The cost of the merchandise sold was $320,000.
(2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3.
(3) On December 13 Kale Company received the balance due from Thomson Co.
Instructions
(a) Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system.
(b) Assume that Kale Company received the balance due from Thomson 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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Definitions:

Brain Waves

Patterns of electrical activity in the brain, measured by EEG, that reflect different states of consciousness or mental activities.

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A powerful stimulant drug derived from the leaves of the coca plant, often used recreationally and known for its addictive properties.

Psychedelic Drug

Substances that alter perception, mood, and a variety of cognitive processes, often used in research or therapy.

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The mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.