On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB...

 

Transcribed Image Text:

On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $350,000. Humphrey paid $900 for freight charges. Prepare the journal entries to record these transactions on the books of Humphrey Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold) On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $350,000. Humphrey paid $900 for freight charges. Prepare the journal entries to record these transactions on the books of Humphrey Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold)

Answer rating: 100% (QA)

Dec 03 Debit Accounts receivable 570000 Credit Sales r... View the full answer