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The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports...

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Accounting

The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n30, and the two companies use perpetual invehtory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31.
a. SSG sold merchandise to SRU at a selling price of $160,000. The merchandise had cost SSG $108,000.
b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $6,500 to SRU. SRU also returned scme sporting goods, which had cost SSG $15,500 and had been sold to SRU for $20,000. No further returns are expected
c. Just three days later SRU paid SSG, which settled all amounts owed.
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