Question

The following were selected from among the transactions completed by Albinati Company during February of the current year:
Feb. 5. Purchased merchandise on account from Peng Co., $21,300, terms FOB shipping point, 2/10, n/30, with prepaid freight of $600 added to the invoice.
14. Sold merchandise on VISA, $60,000. The cost of the goods sold was $36,000.
15. Paid Peng Co. on account for purchase of February 5, less discount.
24. Sold merchandise on account to Matheson Co., $9,200, terms 1/10, n/30. The cost of the goods sold was $5,500.
28. Paid VISA service fee of $1,800.
28. Received merchandise returned by Matheson Co. from sale on February 24, $1,200. The cost of the returned merchandise was $720.
Instructions
Journalize the transactions, assuming use of the perpetual inventory system.


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  • CreatedSeptember 15, 2015
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