a) Received 1000 in advance from the state of Iowa for service which be performed at a late date. b)received merchandise 9will be resold to customers)purchased on accounts for 19000the terms were 2/10,n/30, Fob origination and the invoice included a $100 freight charge . invoice is for $19,100. c) paid a six months insurance premium of $1800 d)Returned $2500 of the merchandise received in "b" above. e)sold merchandise on account for $12000 terms were 2?10.nl30 FOB origination f)Received payment for the merchandise sold in"E" this payment properly took the discount and return into account . g)Paid the invoice related to "B"' this payment properly took the discount and return into account . Prepare Monthly journal entries with explanations Follows periodic inventory system

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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a) Received 1000 in advance from the state of Iowa for service which be performed at a late date.

b)received merchandise 9will be resold to customers)purchased on accounts for 19000the terms were 2/10,n/30, Fob origination and the invoice included a $100 freight charge . invoice is for $19,100.

c) paid a six months insurance premium of $1800

d)Returned $2500 of the merchandise received in "b" above.

e)sold merchandise on account for $12000 terms were 2?10.nl30 FOB origination

f)Received payment for the merchandise sold in"E" this payment properly took the discount and return into account .

g)Paid the invoice related to "B"' this payment properly took the discount and return into account .

Prepare Monthly journal entries with explanations

Follows periodic inventory system

 

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