r. 2 Purchased merchandise on account from Dakota Supply Co. $6,900, ter 4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30. merchandise sold was $4,100. 5 Paid $240 freight on April 4 sale. 6 Received credit from Dakota Supply Co. for merchandise returned $50 11 Paid Dakota Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on Ap 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of 18 Purchased merchandise from Skywalker Distributors $4,500, FOB sl

r. 2 Purchased merchandise on account from Dakota Supply Co. $6,900, ter 4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30. merchandise sold was $4,100. 5 Paid $240 freight on April 4 sale. 6 Received credit from Dakota Supply Co. for merchandise returned $50 11 Paid Dakota Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on Ap 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of 18 Purchased merchandise from Skywalker Distributors $4,500, FOB sl

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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A-8
Subject:- accounting
None
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
A5
Provide correct answer
am. 103.
Prime book entries?
12. Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inventory system. Boston engaged in the following transactions during April:April 12 - Purchased $15,000 in merchandise subject to terms of 2/10, n/30. The goods were shipped f.o.b. shipping point.April 13 - Received a billing from Orange Freight Lines for $300 for the April 12 purchase.April 15 - Returned $1,000 of merchandise from the April 12 purchase.April 20 - Paid balances due from April 12 purchase.Required:Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.