Prepare journal entries for the following transactions for both the seller (BMX) and buyer (Sanuk). May 4
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Prepare journal entries for the following transactions for both the seller (BMX) and buyer (Sanuk).
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May 4 6 8 10 16 18 BMX sold $1,500 of merchandise on account to Sanuk, terms FOB shipping point, n45, invoice dated May 4. The cost of the merchandise was $900. Sanuk paid transportation charges of $30 on the May 4 purchase from BMX. BMX sold $1,000 of merchandise on account to Sanuk, terms FOB destination, n/15, invoice dated May 8. The cost of the merchandise was $700. This sale permitted returns for 30 days. BMX paid transportation costs of $50 for delivery of merchandise sold to Sanuk on May 8. Sanuk returned $200 of merchandise purchased on May 8 for full credit. The merchandise, which had cost $140, is returned to inventory. BMX received payment from Sanuk for the May 8 purchase.
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BMX Seller May 4 Accounts ReceivableSanuk Sales Cost of Goods Sold Merchandise Inventory 6 ...View the full answer
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