Question

The following selected transactions were completed by Minty Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
Jul. 5. Sold merchandise on account to Epworth Company, $30,000, terms FOB destination, 1/10, n/30. The cost of goods sold was $19,500.
8. Sold merchandise for $11,500 to retail customers who used VISA. The cost of goods sold was $7,000.
14. Sold merchandise on account to Osgood Co., $11,800, terms FOB shipping point, 1/10, n/30. The cost of goods sold was $7,000.
15. Received cheque for amount due from Epworth Company for sale on July 5.
16. Issued credit memo for $1,800 to Osgood Co. for merchandise returned from sale on July 14. The cost of the goods returned was $1,000.
24. Received cheque for amount due from Osgood Co. for sale on July 14 less credit memo of July 16 and discount.
31. Paid Stewart Delivery Service $2,100 for merchandise delivered during July to customers under shipping terms of FOB destination.
Aug. 4. Paid bank $400 for service fees for handling VISA sales during July.
Instructions
Journalize the entries to record the transactions of Minty Supplies Co., assuming the use of the perpetual inventory system.


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  • CreatedSeptember 15, 2015
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