Question: The following selected transactions were completed by Cold Company during

The following selected transactions were completed by Cold Company during February of the current year. Cold Company uses the periodic inventory system.
Feb. 2. Purchased $17,500 of merchandise on account, FOB shipping point, terms 2/15, n/30.
5. Paid freight of $300 on the February 2 purchase.
6. Returned $2,000 of the merchandise purchased on February 2.
13. Sold goods on account, $9,000, FOB destination, 2/10, n/30. The cost of goods sold was $6,600.
15. Paid freight of $100 for the merchandise sold on February 13.
17. Paid for the purchase of February 2 less the return and discount.
23. Received payment on account for the sale of February 13 less the discount.
Journalize the entries to record the transactions of Cold Company.



Sale on SolutionInn
Sales0
Views42
Comments
  • CreatedSeptember 15, 2015
  • Files Included
Post your question
5000