Question

Selected transactions during August between Schlosser Company and Rock Co. are listed in Problem 5-7B.
In problem
The following selected transactions were completed during August between Schlosser Company and Rock Co.:
Aug. 5. Schlosser Company sold merchandise on account to Rock Co., $18,000, terms FOB shipping point, n/eom. The cost of the goods sold was $10,800.
9. Rock Co. paid freight of $350 on August 5 purchase from Schlosser Company.
15. Schlosser Company sold merchandise on account to Rock Co., $36,200, terms FOB shipping point, 1/10, n/30. Schlosser Company paid freight of $900, which was added to the invoice. The cost of the goods sold was $19,600.
25. Rock Co. paid Schlosser Company on account for purchase of August 15, less discount.
31. Rock Co. paid Schlosser Company on account for purchase of August 5.
Instructions
Journalize the entries to record the transactions for (1) Schlosser Company and (2) Rock Co., assuming both companies use the periodic inventory system.


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  • CreatedSeptember 15, 2015
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