Question

The following transactions occurred between Tucker’s Fine Furnishings and K & B
Furniture Warehouse during August of the current year:
Aug 4 Tucker’s Fine Furnishings purchased $12,000 of merchandise from K & B Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost K & B Furniture Warehouse $7,200.
7 Tucker’s Fine Furnishings paid a $150 freight bill for delivery of the goods purchased on August 4.
10 Tucker’s Fine Furnishings returned $1,300 of the merchandise purchased on August 4. The goods cost K & B Furniture Warehouse $750.
18 Tucker’s Fine Furnishings paid $2,000 of the August 4 invoice less the discount.
31 Tucker’s Fine Furnishings paid the remaining amount owed on the August 4 invoice.

Requirements
1. Journalize these transactions on the books of Tucker’s Fine Furnishings.
2. Journalize these transactions on the books of K & B Furniture Warehouse.



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  • CreatedApril 29, 2014
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