Moving to anothe Question 2 Prepare the journal entry for the following transactions for Famous Company. Famous Company is a devices. Aug 1 Purchased 8,000 BD of merchandise inventory and immediately paid 8,000 BD cash. Paid 300BD cash for shipping the merchandise purchased on Aug 3. Aug 3 Aug 7 Sold 7,000 BD worth of merchandise inventory to Relief Company on credit. The agreed selling price was 12,000 BD. Credit terms are 4/10, n/30, FOB shipping point. Relief Company paid 200 BD for the transportation fees to the shipment company (NOT Famous Company) Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash...................120 120

Moving to anothe Question 2 Prepare the journal entry for the following transactions for Famous Company. Famous Company is a devices. Aug 1 Purchased 8,000 BD of merchandise inventory and immediately paid 8,000 BD cash. Paid 300BD cash for shipping the merchandise purchased on Aug 3. Aug 3 Aug 7 Sold 7,000 BD worth of merchandise inventory to Relief Company on credit. The agreed selling price was 12,000 BD. Credit terms are 4/10, n/30, FOB shipping point. Relief Company paid 200 BD for the transportation fees to the shipment company (NOT Famous Company) Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash...................120 120

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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Mc Graw Hill Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list 1 2 Sold merchandise for $6,400 (that had cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee. 3 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Record the cost of goods sold, $2,513. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : = journal entry has been entered EX ank Card. Credit >
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