Jan. Purchased $18,200 of merchandise on account, FOB shipping 2. point, terms 2/15, n/30. 5. Paid freight of $ 190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. Sold merchandise on account. $37,300, FOB destination, 1/10, 13. n/30, The cost of merchandise sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13 Paid for the purchase of January 2 less the return and discount. Received payment on account for the sale of January 13 less the 23. discount.
Jan. Purchased $18,200 of merchandise on account, FOB shipping 2. point, terms 2/15, n/30. 5. Paid freight of $ 190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. Sold merchandise on account. $37,300, FOB destination, 1/10, 13. n/30, The cost of merchandise sold was $22,400. 15. Paid freight of $215 for the merchandise sold on January 13 Paid for the purchase of January 2 less the return and discount. Received payment on account for the sale of January 13 less the 23. discount.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 34E
Related questions
Topic Video
Question
The following selected transactions were completed by Air Systems
Company during January of the current year. Air Systems Company uses
the periodic inventory system.
Journalize the entries to record the transactions of Air Systems
Company.
![Jan. Purchased $18,200 of merchandise on account, FOB shipping
2.
point, terms 2/15, n/30.
5.
Paid freight of $ 190 on the January 2 purchase.
6.
Returned $2,750 of the merchandise purchased on January 2.
Sold merchandise on account. $37,300, FOB destination, 1/10,
13.
n/30, The cost of merchandise sold was $22,400.
15.
Paid freight of $215 for the merchandise sold on January 13
Paid for the purchase of January 2 less the return and discount.
Received payment on account for the sale of January 13 less the
23.
discount.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea153e2d-c94d-4f10-bf9b-64550afc56f9%2Fe5a50762-7f3c-4d31-b90e-1cad0c6a8600%2Fnt7l7p.png&w=3840&q=75)
Transcribed Image Text:Jan. Purchased $18,200 of merchandise on account, FOB shipping
2.
point, terms 2/15, n/30.
5.
Paid freight of $ 190 on the January 2 purchase.
6.
Returned $2,750 of the merchandise purchased on January 2.
Sold merchandise on account. $37,300, FOB destination, 1/10,
13.
n/30, The cost of merchandise sold was $22,400.
15.
Paid freight of $215 for the merchandise sold on January 13
Paid for the purchase of January 2 less the return and discount.
Received payment on account for the sale of January 13 less the
23.
discount.
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