Purchaser and Seller Transactions    O'Brien Company is a manufacturer of purses. They sell products to Maureen, Inc., a women's clothing store. Both companies use perpetual inventory systems. On June 2, 2020, O'Brien Company sold 400 purses on account to Maureen, Inc.  O'Brien's cost was $40,000 ($100 each) and the selling price was $60,000 ($150 each) with terms of 1/15, n/30.   Prepare the June 2 journal entry(ies) for O'Brien Company. Date Account Names DR CR 6/2  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.    Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.    Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.    Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read surrounding text.  Blank 15. Fill in the blank, read surrounding text.  Blank 16. Fill in the blank, read surrounding text.    Blank 17. Fill in the blank, read surrounding text.  Blank 18. Fill in the blank, read surrounding text.  Blank 19. Fill in the blank, read surrounding text.  Blank 20. Fill in the blank, read surrounding text.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Purchaser and Seller Transactions 

 

O'Brien Company is a manufacturer of purses. They sell products to Maureen, Inc., a women's clothing store. Both companies use perpetual inventory systems.

On June 2, 2020, O'Brien Company sold 400 purses on account to Maureen, Inc.  O'Brien's cost was $40,000 ($100 each) and the selling price was $60,000 ($150 each) with terms of 1/15, n/30.

 

Prepare the June 2 journal entry(ies) for O'Brien Company.

Date Account Names DR CR
6/2  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.
   Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.
   Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.
   Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read surrounding text.  Blank 15. Fill in the blank, read surrounding text.  Blank 16. Fill in the blank, read surrounding text.
   Blank 17. Fill in the blank, read surrounding text.  Blank 18. Fill in the blank, read surrounding text.  Blank 19. Fill in the blank, read surrounding text.  Blank 20. Fill in the blank, read surrounding text.

 

 

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