West Co. sold merchandise to J.S. Custom Co. on account, $20,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $10,000. West Co. paid freight of $500 and later received the amount due within the discount period. Journalize West Co.'s and J.S. Custom Co.'s entries for the payment of the amount due.
Answer to relevant QuestionsMerrill Company's perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2015. The physical inventory indicates that $894,750 of merchandise is actually on hand. Journalize the ...Pitt Co., a furniture wholesaler using the perpetual method to record inventory, sells merchandise to Jeevan Co. on account, $25,600, terms 2/10, n/30. The cost of the goods sold is $14,000. Pitt Co. issues a credit memo for ...On December 31, 2015, the balances of the accounts appearing in the ledger of Champion Interiors Company, a furniture wholesaler, are as follows: Prepare the December 31, 2015, closing entries for Champion Interiors Company. The following selected transactions were completed by Suzy Co. during October of the current year, using the perpetual inventory system. Oct. 1. Purchased merchandise from Wood Co., $15,500, terms FOB shipping point, 2/10, ...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, ...
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