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PROBLEM C-3 Sales-related and purchase- related transactions for seller and buyer-periodic inventory system RA.S.S. The following selected transactions were completed during May between Simkins Company and Burk Co.: May 6, Simkins Company sold merchandise on account to Burk Co., $18,500, terms FOB destination, 2/15, n/eom. 6. Simkins Company paid transportation costs of $600 for delivery of mer- chandise sold to Burk Co. on May 6. 10. Simkins Company sold merchandise on account to Burk Co., $15,750, terms FOB shipping point, n/eom. 11. Burk Co. returned merchandise purchased on account on May 6 from Simkins Company, $5,500. 14. Burk Co. paid transportation charges of $300 on May 10 purchase from Simkins Company. 17. Simkins Company sold merchandise on account to Burk Co., $30,000, terms FOB shipping point, 1/10, n/30. Simkins prepaid transportation costs of $1,750, which were added to the invoice. 21. Burk Co. paid Simkins Company for purchase of May 6, less discount and less return of May 11. 27. Burk Co. paid Simkins Company on account for purchase of May 17, less discount. 31. Burk Co. paid Simkins Company on account for purchase of May 10. Instructions Journalize the May transactions for (1) Simkins Company and for (2) Burk Co.

PROBLEM C-3 Sales-related and purchase- related transactions for seller and buyer-periodic inventory system RA.S.S. The following selected transactions were completed during May between Simkins Company and Burk Co.: May 6, Simkins Company sold merchandise on account to Burk Co., $18,500, terms FOB destination, 2/15, n/eom. 6. Simkins Company paid transportation costs of $600 for delivery of mer- chandise sold to Burk Co. on May 6. 10. Simkins Company sold merchandise on account to Burk Co., $15,750, terms FOB shipping point, n/eom. 11. Burk Co. returned merchandise purchased on account on May 6 from Simkins Company, $5,500. 14. Burk Co. paid transportation charges of $300 on May 10 purchase from Simkins Company. 17. Simkins Company sold merchandise on account to Burk Co., $30,000, terms FOB shipping point, 1/10, n/30. Simkins prepaid transportation costs of $1,750, which were added to the invoice. 21. Burk Co. paid Simkins Company for purchase of May 6, less discount and less return of May 11. 27. Burk Co. paid Simkins Company on account for purchase of May 17, less discount. 31. Burk Co. paid Simkins Company on account for purchase of May 10. Instructions Journalize the May transactions for (1) Simkins Company and for (2) Burk Co.

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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Problem c-3

Sales related and purchase

related transactions for

seller and buyer periodic

inventory system

the following selected transaction were completed during may between  simkins company and burk com

may 6 simkins company sold merchandise on account to burk com. $18,500

6, Simkins Company paid transportation costs of $600 for delivery of merchandise sold O Burk Co. on May 6

  1. Simkins Company sold merchandise on account to Burk Co., $15,750.

termsFOB shipping point, n/eom

  1. Burk Go. returned merchandise purchased on account on May 6 from

Simkins Company. $5,500

  1. Burk Co. paid transportation charges of $300 on May 10 purchase from

Simkins Company

  1. Simkins Company sold merchandise on account to Burk Co., $30,000,

terms FOB shipping point 1/10, n/30. Simkins prepaid transportation costs

of $1,750, which were added to the invoice.

  1. Burk Go. paid Simkins Company for purchase of May 6, less discount and

less return of May 11.

  1. Burk Co. paid Simkins Company on account for purchase of May 17, less

discount.

  1. Burk Co. paid Simkins Company on account for purchase of May 10

Instructions

Journalize the May transactions for (1) Simkins Company and for (2) Burk Co.

PROBLEM C-3 Sales-related and purchase- related transactions for seller and buyer-periodic inventory system RA.S.S. The following selected transactions were completed during May between Simkins Company and Burk Co.: May 6, Simkins Company sold merchandise on account to Burk Co., $18,500, terms FOB destination, 2/15, n/eom. 6. Simkins Company paid transportation costs of $600 for delivery of mer- chandise sold to Burk Co. on May 6. 10. Simkins Company sold merchandise on account to Burk Co., $15,750, terms FOB shipping point, n/eom. 11. Burk Co. returned merchandise purchased on account on May 6 from Simkins Company, $5,500. 14. Burk Co. paid transportation charges of $300 on May 10 purchase from Simkins Company. 17. Simkins Company sold merchandise on account to Burk Co., $30,000, terms FOB shipping point, 1/10, n/30. Simkins prepaid transportation costs of $1,750, which were added to the invoice. 21. Burk Co. paid Simkins Company for purchase of May 6, less discount and less return of May 11. 27. Burk Co. paid Simkins Company on account for purchase of May 17, less discount. 31. Burk Co. paid Simkins Company on account for purchase of May 10. Instructions Journalize the May transactions for (1) Simkins Company and for (2) Burk Co.
Transcribed Image Text:PROBLEM C-3 Sales-related and purchase- related transactions for seller and buyer-periodic inventory system RA.S.S. The following selected transactions were completed during May between Simkins Company and Burk Co.: May 6, Simkins Company sold merchandise on account to Burk Co., $18,500, terms FOB destination, 2/15, n/eom. 6. Simkins Company paid transportation costs of $600 for delivery of mer- chandise sold to Burk Co. on May 6. 10. Simkins Company sold merchandise on account to Burk Co., $15,750, terms FOB shipping point, n/eom. 11. Burk Co. returned merchandise purchased on account on May 6 from Simkins Company, $5,500. 14. Burk Co. paid transportation charges of $300 on May 10 purchase from Simkins Company. 17. Simkins Company sold merchandise on account to Burk Co., $30,000, terms FOB shipping point, 1/10, n/30. Simkins prepaid transportation costs of $1,750, which were added to the invoice. 21. Burk Co. paid Simkins Company for purchase of May 6, less discount and less return of May 11. 27. Burk Co. paid Simkins Company on account for purchase of May 17, less discount. 31. Burk Co. paid Simkins Company on account for purchase of May 10. Instructions Journalize the May transactions for (1) Simkins Company and for (2) Burk Co.
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