Question

The following selected transactions were completed by Wong Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:
Jan. 4. Sold merchandise on account to Liversedge Co., $7,500, terms FOB shipping point, n/eom. The cost of goods sold was $4,200.
5. Sold merchandise for $10,000 to retail customers who used MasterCard. The cost of goods sold was $6,000.
14. Sold merchandise to customers who used American Express cards, $6,000. The cost of goods sold was $3,200.
16. Sold merchandise on account to Antonik Co., $16,500, terms FOB shipping point, 1/10, n/30. The cost of goods sold was $10,000.
18. Issued credit memo for $2,000 to Antonik Co. for merchandise returned from sale on January 16. The cost of the goods returned was $1,200.
26. Received cheque for amount due from Antonik Co. for sale on January 16 less credit memo of January 18 and discount.
31. Received cheque for amount due from Liversedge Co. for sale of January 4.
31. Paid Adams Delivery Service $2,134 for merchandise delivered during January to customers under shipping terms of FOB destination.
Feb. 3. Paid bank $950 for service fees for handling MasterCard and American Express sales during January.
Instructions
Journalize the entries to record the transactions of Wong Supply Co., assuming use of the perpetual inventory system.


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  • CreatedSeptember 15, 2015
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