Journalize the Following Transactions Using the Perpetual Inventory Method

question 135

Essay

Journalize the following transactions using the perpetual inventory method.
Aug. 10 Sold $4,100 of inventory for $5,100 for Oden Corp. with terms 2/15, n/30
Aug. 12 Received payment of $1,000 cash in full from Jany Smith for a July 1 sale
with terms 2/10 n/30
Aug. 15 Granted Oden Corp. an allowance of $400 for Aug. 10 transaction for minor
defects in the goods shipped
Aug. 23 Received payment in full from Oden Corp. for the Aug. 10 sale

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Definitions:

Elaboration Likelihood Model

A theory explaining how people process persuasive messages, differentiating between a central route of careful scrutiny and a peripheral route of cues external to the message.

Personal Relevance Theory

The hypothesis that people pay more attention to and are more likely to remember information that they find personally relevant or meaningful.

Psychological Reactance

A behavioral response to perceived threats to one’s autonomy, often resulting in opposition to being controlled.

Boomerang Effect

A situation where the opposite of the intended effect occurs, especially in a social or psychological context, such as when trying to persuade results in resistance.