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Big Box Hardware Company engaged in the following transactions in March. • March 1 Sold merchandise on account for $282,900; terms 2/10, n/30, FOB shipping point, freight collect. • March 5 $41,700 of the good sold on account on March 1 were returned for a full credit. Payment of the goods had not yet been received. • March 6 Purchased merchandise on account in the amount of $129,900; credit terms are 2/10, N/30. • March 9 A sales allowance was granted for merchandise sold March 1 for $5,710 which was damaged in shipment. • March 10 Returned merchandise from March 6 purchase totaling $42,800. • March 11 Payment was received for the net amount due from the sale of March 1. • March 12 Paid amount owed from March 6 purchase less return and discount. Journalize the transactions. Date March 1 A/R March 5 March 6 March 9 March 11 Sales Revenue Sales Returns & Allowances A/R Purchases A/P Sales Returns & Allowances A/R March 10 A/P Description Purchases Returns & Allowances ✓ Cash Sales Discounts A/R March 12 A/P Debit 282900 41700 129900 5710 42800 Credit 282900 41700 129900 5710 T 42800

Big Box Hardware Company engaged in the following transactions in March. • March 1 Sold merchandise on account for $282,900; terms 2/10, n/30, FOB shipping point, freight collect. • March 5 $41,700 of the good sold on account on March 1 were returned for a full credit. Payment of the goods had not yet been received. • March 6 Purchased merchandise on account in the amount of $129,900; credit terms are 2/10, N/30. • March 9 A sales allowance was granted for merchandise sold March 1 for $5,710 which was damaged in shipment. • March 10 Returned merchandise from March 6 purchase totaling $42,800. • March 11 Payment was received for the net amount due from the sale of March 1. • March 12 Paid amount owed from March 6 purchase less return and discount. Journalize the transactions. Date March 1 A/R March 5 March 6 March 9 March 11 Sales Revenue Sales Returns & Allowances A/R Purchases A/P Sales Returns & Allowances A/R March 10 A/P Description Purchases Returns & Allowances ✓ Cash Sales Discounts A/R March 12 A/P Debit 282900 41700 129900 5710 42800 Credit 282900 41700 129900 5710 T 42800

FINANCIAL ACCOUNTING
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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Big Box Hardware Company engaged in the following transactions in March. • March 1 Sold merchandise on account for $282,900; terms 2/10, n/30, FOB shipping point, freight collect. • March 5 $41,700 of the good sold on account on March 1 were returned for a full credit. Payment of the goods had not yet been received. • March 6 Purchased merchandise on account in the amount of $129,900; credit terms are 2/10, N/30. • March 9 A sales allowance was granted for merchandise sold March 1 for $5,710 which was damaged in shipment. • March 10 Returned merchandise from March 6 purchase totaling $42,800. • March 11 Payment was received for the net amount due from the sale of March 1. • March 12 Paid amount owed from March 6 purchase less return and discount. Journalize the transactions. Date March 1 A/R March 5 March 6 March 9 March 11 Sales Revenue Sales Returns & Allowances A/R Purchases A/P Sales Returns & Allowances A/R March 10 A/P Description Purchases Returns & Allowances ✓ Cash Sales Discounts A/R March 12 A/P Purchases Discounts Cash Debit 282900 41700 129900 5710 42800 Credit 282900 41700 129900 5710 T 42800
Transcribed Image Text:Big Box Hardware Company engaged in the following transactions in March. • March 1 Sold merchandise on account for $282,900; terms 2/10, n/30, FOB shipping point, freight collect. • March 5 $41,700 of the good sold on account on March 1 were returned for a full credit. Payment of the goods had not yet been received. • March 6 Purchased merchandise on account in the amount of $129,900; credit terms are 2/10, N/30. • March 9 A sales allowance was granted for merchandise sold March 1 for $5,710 which was damaged in shipment. • March 10 Returned merchandise from March 6 purchase totaling $42,800. • March 11 Payment was received for the net amount due from the sale of March 1. • March 12 Paid amount owed from March 6 purchase less return and discount. Journalize the transactions. Date March 1 A/R March 5 March 6 March 9 March 11 Sales Revenue Sales Returns & Allowances A/R Purchases A/P Sales Returns & Allowances A/R March 10 A/P Description Purchases Returns & Allowances ✓ Cash Sales Discounts A/R March 12 A/P Purchases Discounts Cash Debit 282900 41700 129900 5710 42800 Credit 282900 41700 129900 5710 T 42800
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