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Business
Accounting
June 1       Purchased Supplies on Account, $740  June 3       Purchased inventory on account $5,000, terms, 3/15, n/30  June 7       Sold goods for cash, $2,000 (Cost $1,100)  June 10     Found $200 worth of inventory purchased on June 3 to be damaged.  Returned the inventory  June 13     Sold goods on credit $1,000, terms 2/10, n/30.  (Cost $550)  June 16     Paid for Inventory purchased on June 3. (net of returns) June 20     Gave customer credit of $150 for damaged merchandise from sale of June 13.  Customer did not return merchandise.  June 22     Received payment in full for sale of June 13  June 24     Purchased Inventory on account $4,200 plus freight charges of $300. Journalize above entries for YBM Corp. Calculate Gross Profit and Gross Profit %

June 1       Purchased Supplies on Account, $740  June 3       Purchased inventory on account $5,000, terms, 3/15, n/30  June 7       Sold goods for cash, $2,000 (Cost $1,100)  June 10     Found $200 worth of inventory purchased on June 3 to be damaged.  Returned the inventory  June 13     Sold goods on credit $1,000, terms 2/10, n/30.  (Cost $550)  June 16     Paid for Inventory purchased on June 3. (net of returns) June 20     Gave customer credit of $150 for damaged merchandise from sale of June 13.  Customer did not return merchandise.  June 22     Received payment in full for sale of June 13  June 24     Purchased Inventory on account $4,200 plus freight charges of $300. Journalize above entries for YBM Corp. Calculate Gross Profit and Gross Profit %

FINANCIAL ACCOUNTING
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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  • June 1       Purchased Supplies on Account, $740 
  • June 3       Purchased inventory on account $5,000, terms, 3/15, n/30 
  • June 7       Sold goods for cash, $2,000 (Cost $1,100) 
  • June 10     Found $200 worth of inventory purchased on June 3 to be damaged.  Returned the inventory 
  • June 13     Sold goods on credit $1,000, terms 2/10, n/30.  (Cost $550) 
  • June 16     Paid for Inventory purchased on June 3. (net of returns)
  • June 20     Gave customer credit of $150 for damaged merchandise from sale of June 13.  Customer did not return merchandise. 
  • June 22     Received payment in full for sale of June 13 
  • June 24     Purchased Inventory on account $4,200 plus freight charges of $300.
  1. Journalize above entries for YBM Corp.
  2. Calculate Gross Profit and Gross Profit % 
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