Current Attempt in Progress
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.
Dec. Whispering Winds Ltd sold goods to Ayayai Corp. for $ terms n FOB shipping point. The inventory had
cost Whispering Winds $ Whispering Winds's management expected a return rate of based on prior
experience.
Shipping costs of $ were paid by the appropriate company.Record the above transactions in the books of Ayayai. List all debit entries before credit entries. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for
the amounts. Record journal entries in the order presented in the problem.
Date
Account Titles and Explanation
Debit
Credit
Ayayai returned unwanted merchandise to Whispering Winds. The returned merchandise has a sales price of $
and a cost of $ It was restored to inventory.
Whispering Winds received the balance due from Ayayai.
