Question: Macomb Wholesale Distributor made the following transactions in Year 3. Record all the transactions in general journal form. Mar 8th Mar 10th Bought inventory on account from Fountain Mfg. company for $10,400.00 with terms 2/10, net 30. Paid $325 to Hare transport for shipping charges for inventory we are acquiring. Mar 13th Sold merchandise on account to Alixx Co. for $1,500. All on account sales Mar 16th Mar 17th are with terms 1/10, net 30. This merchandise cost us $600. Fountain Mfg. company issued us a 500.00 credit memo related to our purchase made on Mar 8th. Sold merchandise on account to Tyrone Sports Co. for $19,200. This merchandise cost us $10,625. Mar 17th Fully paid what is owed to Fountain Mfg. Mar 20th Alixx Co. returned half of what they purchased on the 13th. Mar 21st Alixx Co. fully paid what they owe us. Mar 31st Tyrone Sports fully paid what they owe us.
Question: Macomb Wholesale Distributor made the following transactions in Year 3. Record all the transactions in general journal form. Mar 8th Mar 10th Bought inventory on account from Fountain Mfg. company for $10,400.00 with terms 2/10, net 30. Paid $325 to Hare transport for shipping charges for inventory we are acquiring. Mar 13th Sold merchandise on account to Alixx Co. for $1,500. All on account sales Mar 16th Mar 17th are with terms 1/10, net 30. This merchandise cost us $600. Fountain Mfg. company issued us a 500.00 credit memo related to our purchase made on Mar 8th. Sold merchandise on account to Tyrone Sports Co. for $19,200. This merchandise cost us $10,625. Mar 17th Fully paid what is owed to Fountain Mfg. Mar 20th Alixx Co. returned half of what they purchased on the 13th. Mar 21st Alixx Co. fully paid what they owe us. Mar 31st Tyrone Sports fully paid what they owe us.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Macomb Wholesale Distributor made the following transactions in Year 3.
Record all the transactions in general journal form.
Mar 8th
Mar 10th
Bought inventory on account from Fountain Mfg. company for $10,400.00
with terms 2/10, net 30.
Paid $325 to Hare transport for shipping charges for inventory we are
acquiring.
Mar 13th Sold merchandise on account to Alixx Co. for $1,500. All on account sales
Mar 16th
Mar 17th
are with terms 1/10, net 30. This merchandise cost us $600.
Fountain Mfg. company issued us a 500.00 credit memo related to our
purchase made on Mar 8th.
Sold merchandise on account to Tyrone Sports Co. for $19,200. This
merchandise cost us $10,625.
Mar 17th Fully paid what is owed to Fountain Mfg.
Mar 20th Alixx Co. returned half of what they purchased on the 13th.
Mar 21st Alixx Co. fully paid what they owe us.
Mar 31st Tyrone Sports fully paid what they owe us.
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