The Following Merchandise Transactions Occurred During December for Two Different

question 67

Essay

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 $480,000,terms 2/10,n/30.This merchandise originally cost Rippen $320,000.
On December 8,Burnen Corp.returned merchandise to Rippen Corporation for a credit of $30,000.Rippen returned this merchandise to inventory at its original cost of $20,000.
December 12,Burnen Corp.paid Rippen Corporation for the amount owed.
Required:
a.Prepare the journal entries to record these transactions on the books of Rippen Corporation.
b.Prepare the journal entries to record these transactions on the books of Burnen Corp.

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Definitions:

Affective Stimuli

Sensory inputs that primarily elicit emotional reactions, affecting mood and feelings.

Motivational Impulses

Innate or learned tendencies to act in a way that satisfies certain needs or achieves particular goals.

Affective Impulses

Emotions or feelings that impulsively drive behavior.

Smaller Rewards

Incentives of lower value that are offered or given as a means to motivate behavior or participation.