The following transactions occurred during June 2018 for Soulful Art, Inc.: Jun 3 Purchased $3,300 of goods
Question:
The following transactions occurred during June 2018 for Soulful Art, Inc.:
Jun 3 Purchased $3,300 of goods on account. Terms, 2/10, n/30, FOB shipping point.
6 Returned $800 of defective merchandise purchased on June 3.
8 Paid freight charges of $120 for delivery of goods purchased on June 3.
11 Sold $2,500 of inventory to a customer on account. Terms, 3/15, n/45, FOB shipping point. The cost of the goods was $1,400.
12 Paid amount owed on the June 3 purchase.
18 Granted a $100 sales allowance on the June 11 sale because the goods were damaged.
25 Received payment in full from customer for the June 11 sale.
Requirement
Journalize the June transactions for Soulful Art, Inc., assuming the net method is used. No explanations are required.
Step by Step Answer: