Question

The following selected transactions were completed by Epic Co. during August of the current year:
Aug. 3. Purchased merchandise for $33,400, terms FOB destination, 2/10, n/30.
9. Issued debit memorandum for $7,000 of merchandise returned from purchase on August 3.
10. Purchased merchandise, $25,000, terms FOB shipping point, n/eom. Paid freight of $600 on purchase.
13. Paid for invoice of August 3, less debit memorandum of August 9 and discount.
31. Paid for invoice of August 10.

Instruction
Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.



$1.99
Sales14
Views359
Comments0
  • CreatedFebruary 04, 2014
  • Files Included
Post your question
5000