Buyer/Seller Entries #1Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company vwith the terms 1/10 n/30, FODestination. The cost of the merchandise sold was $3,000.SellerDebitCreditBuyerDebitCreditJan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2nd sale shipped to thebuyer.SellerDebitCreditBuyerDebitCreditJan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was$800.SellerDebitCreditBuyerDebitCreditJan. 12 Blast Company pays for the Jan. 2nd purchase.SellerDebitCreditBuyerDebitCredity purchaseda

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company with the terms 1/10 n/30, FOB Destination. The cost of the merchandise sold was $3,000. Debit Credit Seller Debit Credit Buyer Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2d sale shipped to the buyer. Debit Credit Seller Debit Credit Buyer Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Debit Credit Seller Debit Credit Buyer Jan. 12 Blast Company pays for the Jan. 2d purchase. Debit Credit Buyer Debit Credit Seller

Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company with the terms 1/10 n/30, FOB Destination. The cost of the merchandise sold was $3,000. Debit Credit Seller Debit Credit Buyer Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2d sale shipped to the buyer. Debit Credit Seller Debit Credit Buyer Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Debit Credit Seller Debit Credit Buyer Jan. 12 Blast Company pays for the Jan. 2d purchase. Debit Credit Buyer Debit Credit Seller

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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