Question

Bill Building Supplies, Ltd. completed the following transactions during June. Bill uses the perpetual inventory system in accounting for inventory.
Jun 2 Sold plumbing supplies to a customer for $1,100, with cost of $660.
Customer paid with a credit card. The credit card company charged a 2% service fee.
6 Sold building supplies for $2,600 to Goh Development on account, with terms of 2/15, n/30, FOB shipping point. The cost of the sale was $1,560.
12 Goh Development returned $600 of the building supplies. The cost of the returned products was $360. These products were returned to the warehouse for resale.
15 Sold building supplies for $1,800 to Lum Contractors on account, with terms of 2/15, n/30, FOB shipping point. The cost of the sale was $1,080.
16 Sold building supplies to a customer for $820 cash. The cost of the sale was $500.
21 Received payment from Goh Development, less returns and discount.
23 Sold building supplies to a customer for $1,400, with cost of $840. Customer paid with a debit card. The bank charged a 2% service fee.
30 Received payment from Lum Contractors, less discount.
Requirements
1. Record the transactions in the journal.
2. What are the amounts for total sales, sales returns and allowances, and sales discounts to be reported in the income statement?


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  • CreatedJuly 08, 2015
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