Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during February 20X1 Bushard Company DATE 20x1 Feb. 1e Purchased merchandise for $6, 800 from Schmidt, Inc., Imvoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 19se, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. TRANSACTIONS Schmidt, Inc. DATE 20X1 Feb. 10 Sold merchandise for $6,800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was TRANSACTIONS $3,909. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $300. 19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Required: Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round finel answers to the nearest whole dollar value.)
Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during February 20X1 Bushard Company DATE 20x1 Feb. 1e Purchased merchandise for $6, 800 from Schmidt, Inc., Imvoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 19se, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. TRANSACTIONS Schmidt, Inc. DATE 20X1 Feb. 10 Sold merchandise for $6,800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was TRANSACTIONS $3,909. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $300. 19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Required: Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round finel answers to the nearest whole dollar value.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during February 20X11
Bushard Company
DATE
TRANSACTIONS
20x1
Feb. 1e Purchased merchandise for $6, 800 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.
13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were
purchased on Invoice 198e, dated February 10.
19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash
discount, Check 2010.
Schmidt, Inc.
DATE
TRANSACTIONS
20X1
Feb. 10 Sold merchandise for $6, 800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was
$3,909.
13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $380 that was returned; the goods were
purchased on Invoice 1980, dated February 10. The cost of the returned goods was $300.
19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash
discount, Check 2010.
Required:
Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company
and Schmidt, Inc. (Round finel answers to the nearest whole dollar value.)
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