Bardo Company Allows Customers to Make Purchases on Credit

question 131

Essay

Bardo Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of Bardo immediately when credit card receipts are deposited. Bardo uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events.

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Definitions:

Sensory Input

The information that the brain receives from the senses, including sight, sound, smell, taste, and touch, which it uses to understand the environment.

Perception

The process by which individuals interpret sensory information to make sense of their surroundings and experiences.

Vestibular Sense

A sensory system located in the inner ear that contributes to our sense of balance and spatial orientation.

Horizontal

Referring to a direction or plane that runs parallel to the ground or to the bottom of the page or screen.