### Transaction Record for YBM Company - June 2018#### June 1- **Transaction**: Purchased Supplies on Account- **Amount**: $740#### June 3- **Transaction**: Purchased Inventory on Account- **Details**: From Dino Corp., $5,000, terms 3/15, n/30#### June 7- **Transaction**: Sold Goods for Cash- **Amount**: $2,000- **Cost**: $1,100#### June 10- **Transaction**: Found Inventory Damaged and Returned- **Details**: $200 worth of inventory purchased on June 3 was damaged and returned#### June 13- **Transaction**: Sold Goods on Account- **Details**: To Fred Co., $1,000, terms 2/10, n/30- **Cost**: $550#### June 16- **Transaction**: Paid for Inventory Purchased on June 3- **Details**: Payment was made minus the return and discount#### June 20- **Transaction**: Allowance for Damaged Merchandise- **Details**: Fred Co. was given an allowance of $150 from the sale of June 13#### June 22- **Transaction**: Received Payment in Full- **Details**: From Fred Co.#### June 24- **Transaction**: Purchased Inventory on Account- **Details**: From Wilma Co., $4,200 plus freight charges of $300#### June 28- **Transaction**: Returned Defective Merchandise- **Details**: $325 worth from the purchase on June 24#### Required- **Task**: Journalize the above entries for YBM Corp.

Journal entries refers to the systematic documentation of the financial transactions in the…

1. YBM Company completed the following transzctions in June of 2018 June I Purchased Snpplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10

1. YBM Company completed the following transzctions in June of 2018 June I Purchased Snpplies on Account, $740 June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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