"Candy Andy” opened a candy shop in St. Lawrence Market. Andy purchases the candy in bulk (wholesale), and resells the merchandise to generate a profit using periodic system. During the months of May and June, the following transactions occurred. Please do the journal entries using periodic system: : May 10 Andy purchased $400 of Skittles from Wrigley Company, terms 2/10, n/30, FOB shipping point. 11 The correct company paid $35 dollars of shipping costs to DHL in cash. 12 Expired Skittles worth $20 were returned to Wrigley Company for full credit. 20 Andy paid Wrigley Company in full June 15 Andy sold all the remaining Skittles for a total price of $950 cash. 15 A customer had their Skittles shipped to them, with freight terms of FOB shipping point. The shipping costs to Purolator were $15. 17 Andy gave a customer a $50 cash sales allowance for unsatisfactory product.
"Candy Andy” opened a candy shop in St. Lawrence Market. Andy purchases the candy in bulk (wholesale), and resells the merchandise to generate a profit using periodic system. During the months of May and June, the following transactions occurred. Please do the
|
May |
10 |
Andy purchased $400 of Skittles from Wrigley Company, terms 2/10, n/30, FOB shipping point. |
|
|
11 |
The correct company paid $35 dollars of shipping costs to DHL in cash. |
|
|
12 |
Expired Skittles worth $20 were returned to Wrigley Company for full credit. |
|
|
20 |
Andy paid Wrigley Company in full |
|
June |
15 |
Andy sold all the remaining Skittles for a total price of $950 cash. |
|
|
15 |
A customer had their Skittles shipped to them, with freight terms of FOB shipping point. The shipping costs to Purolator were $15. |
|
|
17 |
Andy gave a customer a $50 cash sales allowance for unsatisfactory product. |
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