Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, and paid the fright of $340. Purchased merchandise on account from Deepwater Co., $18,750, terms FOB destination, 2/10, n/30. Sold merchandise on account to Zion Co. list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $14,000. Returned $3,000 of merchandise purchased on Dec. 5 from Deepwater Co. 13 Paid Hillsboro Co. on account for purchase of Dec. 3, less discount. 15 Dec. 3 7 Paid Deepwater Co. on account for purchase of Dec. 5, less return of Dec. 7 and discount. Received cash on account from sale of Dec. 6 to Zion Co., less discount. 16 19 Sold merchandise cash $58,000. The cost of merchandise sold was $43,800. 22 Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30. The cast of the merchandise sold was $9,000 Sold merchandise for cash, $33,600. The cost of the merchandise sold was $20,000. Received merchandise returned by Smith River Co. from sale on Dec. 22. 23 28

Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, and paid the fright of $340. Purchased merchandise on account from Deepwater Co., $18,750, terms FOB destination, 2/10, n/30. Sold merchandise on account to Zion Co. list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $14,000. Returned $3,000 of merchandise purchased on Dec. 5 from Deepwater Co. 13 Paid Hillsboro Co. on account for purchase of Dec. 3, less discount. 15 Dec. 3 7 Paid Deepwater Co. on account for purchase of Dec. 5, less return of Dec. 7 and discount. Received cash on account from sale of Dec. 6 to Zion Co., less discount. 16 19 Sold merchandise cash $58,000. The cost of merchandise sold was $43,800. 22 Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30. The cast of the merchandise sold was $9,000 Sold merchandise for cash, $33,600. The cost of the merchandise sold was $20,000. Received merchandise returned by Smith River Co. from sale on Dec. 22. 23 28

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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