sold 26. Sold merchandise for cash, $8,000 at 15% gross profit. 30. Received merchandise returned by Wlcox Co. from sale on September 24, $2,000 30. Purchased merchandise from EFG Company , list price $ 8000 trade discount 20%, terms FOB Shipping Point. Instructions: Journalize the transactions for the Lampco Inc.
sold 26. Sold merchandise for cash, $8,000 at 15% gross profit. 30. Received merchandise returned by Wlcox Co. from sale on September 24, $2,000 30. Purchased merchandise from EFG Company , list price $ 8000 trade discount 20%, terms FOB Shipping Point. Instructions: Journalize the transactions for the Lampco Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Help, can someone show me how this problem is solved entirely please?
Transcribed Image Text:The following transactions were selected from among those completed by the Lampco Inc.
during October of the current year:
3
4
6.
October 3. Purchased merchandise on account from Axel Co., list price $15,000 trade discount
7.
15%, terms FOB destination, 1/10, n/30.
6. Sold merchandise on account to Hart Co., list price $20,000 trade discount 20%, terms
2/10, n/30 at 20% gross profit.
10
11
7. Returned $4,000 of the merchandise purchased on September 3 from Axel Co.
12
13
12. Sold merchandise on account to Abc company, $ 8000 at 20% gross profit.
14
15
16
13. Paid Axel Co. on account for purchase of September 3, less return of September 7.
17
18
16. Received cash on account from sale of September 6 to Hart Co.
19
20
24. Sold merchandise to Wilcox Co., $7,500 terms 1/10, n/30 at 30% gross profit.
21
sold
22
26. Sold merchandise for cash, $8,000 at 15% gross profit.
23
24
30. Received merchandise returned by Wilcox Co. from sale on September 24, $2,000
25
30. Purchased merchandise from EFG Company , list price $ 8000 trade discount 20%,
26
27
terms FOB Shipping Point.
28
29
Instructions: Journalize the transactions for the Lampco Inc.
30
31
32
33
34
35
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