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Question
01/10: Solid Construction has recently been awarded a large new job and its purchasing agent negotiates a volume discount on the purchase of 20,000 bd. ft. Solid will pay $1.50/bf. ft. Solid charges the amount to its account.
01/17: Beacon receives a check from Solid in full payment of its Jan 10 purchase.
01/17: The Beacon Office Manager meets with a representative of the BWLC to discuss the defective lumber which Beacon had purchased from BWLC and sold to Solid Construction. BWLC agrees to a Purchase Return and Allowance of $112.50. BWLC will to apply this to purchases made in January.
01/17: Beacon mails a check to BWLC to pay the balance due on its purchase of 20,000 bd. ft.
01/20: Beacon purchases 100 bd ft. of Purple Heart, an exotic rain forest hardwood. Beacon's cost is $6.00 bd ft. and in addition, it pays a $35 shipping charge. Beacon writes two checks for this purchase.
What are the journal entries?
Our discussion question asked about Columns but what about rows and records? What do these terms equate to? Explain the relationship between entities, attributes, tables, and columns.
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