Question

Wu International completed the following transactions during July. Wu uses the periodic inventory system in accounting for inventory.
Jul 2 Sold merchandise worth $4,500 to Hung on account, with terms of 2/15, n/30, FOB shipping point.
7 Sold merchandise worth $7,800 to Lee on account, with terms of 2/15, n/30, FOB shipping point.
8 Lee returned $300 of merchandise.
14 Sold merchandise to a customer for $2,500. Customer paid with a credit card. The credit card company charged a 2% service fee.
17 Received payment from Hung.
21 Received payment from Lee.
Requirements
1. Calculate the net sales for July.
2. Prepare the journal entries to record the transactions that occurred in July.


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  • CreatedJuly 08, 2015
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