Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).
Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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![Activity#1
Prepare the journal entries for the following transactions. Use Peso (Php) sign.
July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB
shipping point, n/45. The cost of the merchandise sold was $4,500.
July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from
Scully Company.
July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB
destination, n/30. The cost of the merchandise sold was $3,50o.
July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold
to Burton Company on July 5.
July 13. Scully Company issued Burton Company a credit memorandum for merchandise
returned, $1,000. The cost of the merchandise returned was $700.
July 15. Scully Company received payment from Burton Company for purchase of July 5.
July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms
FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200.
Jul. 20 Burton Co. Paid fright of $ 400.
July 28. Scully Company received payment from Burton Company for purchase of July 18,
less discount (2% × $12,000).
Date
Transactions
debit
credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9db0ee84-b225-44f7-bb6a-0b66d9084182%2F50ceeb31-c933-4aac-9e83-b81fe23eb9fd%2Frfiavsu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Activity#1
Prepare the journal entries for the following transactions. Use Peso (Php) sign.
July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB
shipping point, n/45. The cost of the merchandise sold was $4,500.
July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from
Scully Company.
July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB
destination, n/30. The cost of the merchandise sold was $3,50o.
July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold
to Burton Company on July 5.
July 13. Scully Company issued Burton Company a credit memorandum for merchandise
returned, $1,000. The cost of the merchandise returned was $700.
July 15. Scully Company received payment from Burton Company for purchase of July 5.
July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms
FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200.
Jul. 20 Burton Co. Paid fright of $ 400.
July 28. Scully Company received payment from Burton Company for purchase of July 18,
less discount (2% × $12,000).
Date
Transactions
debit
credit
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