Question

Journalizing purchase and sales transactions Journalize the following transactions for Soul Art Gift Shop. Explanations are not required.
Feb. 3 Purchased $ 2,700 of merchandise inventory on account under terms 4/10, n/EOM and FOB shipping point.
7 Returned $ 400 of defective merchandise purchased on February 3.
9 Paid freight bill of $ 100 on February 3 purchase.
10 Sold merchandise inventory on account for $ 4,350. Payment terms were 2/15, n/30. These goods cost the company $ 2,300.
12 Paid amount owed on credit purchase of February 3, less the return and the discount.
16 Granted a sales allowance of $ 500 on the February 10 sale.
23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount.



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  • CreatedJanuary 16, 2015
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