Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice.b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200.e) Received amount due from Jangle Co. within the discount period.f) Received amount due, less return and discount from Comet Co.g) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (h). The cost of the merchandise was $1,200.i) Received amount due from Jangle Co. within the discount period.j) Received amount due, less return and discount from Comet Co.

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Description: Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the

We have to record the given sales transactions into the journal.

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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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Journalize the following sales related transactions.

a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice.
b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.
c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.
d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200.
e) Received amount due from Jangle Co. within the discount period.
f) Received amount due, less return and discount from Comet Co.
g) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (h). The cost of the merchandise was $1,200.
i) Received amount due from Jangle Co. within the discount period.
j) Received amount due, less return and discount from Comet Co.

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