1. Presented Below are selected transactions for ABC Company during June 2021. ABC uses the perpetual inventory system. June 4 Purchase merchandise from Mr. X at a cost of taka 45000, terms FOB shipping point, 3/10, n/30. June 5 Paid freight charges of taka 2000 on June 4 merchandise purchase June 7 Returned damaged goods costing taka 7000 received from Mr. X June 13 Sold merchandise to Mr. Y costing taka 15000 on accounts for 21000, terms FOB destination point 1/10, n/30. June 14 Paid Mr. X due related to June 4 transactions. June 15 Paid freight on June 13 sale taka 2500. June 16 Made refunds to Mr. Y for defective Merchandise taka 2100 June 21 Received balance due from Mr. Y. Requirement: Journalize the transactions using net basis.
1. Presented Below are selected transactions for ABC Company during June 2021. ABC uses the perpetual inventory system.
June 4 Purchase merchandise from Mr. X at a cost of taka 45000, terms FOB shipping point, 3/10, n/30.
June 5 Paid freight charges of taka 2000 on June 4 merchandise purchase
June 7 Returned damaged goods costing taka 7000 received from Mr. X
June 13 Sold merchandise to Mr. Y costing taka 15000 on accounts for 21000, terms FOB destination point 1/10, n/30.
June 14 Paid Mr. X due related to June 4 transactions.
June 15 Paid freight on June 13 sale taka 2500.
June 16 Made refunds to Mr. Y for defective Merchandise taka 2100
June 21 Received balance due from Mr. Y.
Requirement: Journalize the transactions using net basis.
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