The following transactions took place for Macy's in January 2023 in opening its new branch in...
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The following transactions took place for Macy's in January 2023 in opening its new branch in Queens; record them in the General Journal: Jan. 1 Jan. 2 Jan. 8 Jan. 9 Jan. 11 Jan. 12 Jan. 14 Jan. 21 Invested $ 700,000 cash to start the business. Purchased merchandise on account from Calvin Klein, Invoice # 5544, $ 90,000, terms: 2/10, n/30. Returned defective merchandise to Calvin Klein $ 4,500. Sold merchandise for cash $ 60,000. Sold merchandise on account to International Corporation for $ 90,000. Paid the Calvin Klein invoice # 5544 in full, note terms and the return of merchandise on Jan. 8. The customer International Corp. returned merchandise for $ 5,000. Received payment from the Customer International Corporation in full for merchandise sold on credit on Jan. 11, note the customer return on Jan. 14. Required: General Journal The following transactions took place for Macy's in January 2023 in opening its new branch in Queens; record them in the General Journal: Jan. 1 Jan. 2 Jan. 8 Jan. 9 Jan. 11 Jan. 12 Jan. 14 Jan. 21 Invested $ 700,000 cash to start the business. Purchased merchandise on account from Calvin Klein, Invoice # 5544, $ 90,000, terms: 2/10, n/30. Returned defective merchandise to Calvin Klein $ 4,500. Sold merchandise for cash $ 60,000. Sold merchandise on account to International Corporation for $ 90,000. Paid the Calvin Klein invoice # 5544 in full, note terms and the return of merchandise on Jan. 8. The customer International Corp. returned merchandise for $ 5,000. Received payment from the Customer International Corporation in full for merchandise sold on credit on Jan. 11, note the customer return on Jan. 14. Required: General Journal
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Lets record the transactions in the General Journal for Macys for January 2023 Jan 1 Cash 700000 Com... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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