The following information is for BOUNTY Company for December 2015: 1. On December 1, purchased merchandise from CMU Company for $700 terms 2/10, n/30, FOB shipping point. 2. On December 7, paid freight cost $50 on merchandise purchased from CMU Company. 3. On December 12, sold merchandise to ALENA Company for $900, terms n/30. The merchandise sold had a cost of $600. 4. On December 15, received $100 credit from CMU Company for returned merchandise. Instructions: Prepare the journal entries to record these transactions for the month of December on the books of BOUNTY Company using a periodic inventory system.

The following information is for BOUNTY Company for December 2015: 1. On December 1, purchased merchandise from CMU Company for $700 terms 2/10, n/30, FOB shipping point. 2. On December 7, paid freight cost $50 on merchandise purchased from CMU Company. 3. On December 12, sold merchandise to ALENA Company for $900, terms n/30. The merchandise sold had a cost of $600. 4. On December 15, received $100 credit from CMU Company for returned merchandise. Instructions: Prepare the journal entries to record these transactions for the month of December on the books of BOUNTY Company using a periodic inventory system.

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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A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB destination. • Who is the owner of goods in transit?
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