Question

The following transactions occurred during June 2012, for Valley Gift and Collectables, Inc.:
Jun 3 Purchased $3,900 of goods on account. Terms, 2/10, n/30. FOB shipping point.
6 Returned $400 of defective merchandise purchased on June 3.
8 Paid freight charges of $70 for delivery of goods purchased on June 3.
11 Sold $1,900 of inventory to a customer on account. Terms, 3/15, n/45, FOB shipping point. The cost of the goods was $800.
12 Paid amount owed on the June 3 purchase.
18 Granted a $200 sales allowance on the June 11 sale because the goods were the wrong color.
25 Received payment in full from customer for the June 11 sale.

Requirement
1. Journalize the June transactions for Valley Gift and Collectables, Inc. Omit explanations.



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  • CreatedApril 29, 2014
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