Journalize, without explanations, the following transactions of Royal Fashion Distributors, a wholesaler that uses the perpetual inventory
Question:
Journalize, without explanations, the following transactions of Royal Fashion Distributors, a wholesaler that uses the perpetual inventory system, during the month of June 2020:
June 3 Purchased $14,500 of inventory from a manufacturer under terms of 1/10, n/eom and FOB shipping point.
June 7 Returned $2,700 of defective merchandise purchased on June 3.
June 9 Paid freight bill of $750 on June 3 purchase.
June 10 Sold inventory for $11,500 to a retail store, collecting cash of $2,400. Payment terms on the remainder were 2/15, n/30. The goods cost Royal Fashion Distributors $6,900.
June 12 Paid amount owed on credit purchase of June 3.
June 16 Granted a sales allowance of $1,200 on the portion of the June 10 sale that was on account.
June.23 Received cash from June 10 customer in full settlement of the debt.
Record debits first, then credits. Exclude explanations from journal entries. Round all answers to the nearest wholedollar.)
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood