Question

Record the following transactions using T accounts, assuming the periodic inventory system is used:
Aug. 4 Sold merchandise on credit to Rock Company, terms n/30, FOB destination, $2,520.
5 Paid transportation costs for sale of August 4, $231.
9 Part of the merchandise sold on August 4 was accepted back from Rock for full credit and returned to merchandise inventory, $735.
Sept. 3 Collected in full the amount due from Rock for merchandise sold on August 4, less the return on August 9.



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  • CreatedMarch 26, 2014
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