Fuente Office Supply sells all merchandise on credit with terms 2/10, n/30 using the gross method to

Question:

Fuente Office Supply sells all merchandise on credit with terms 2/10, n/30 using the gross method to record sales. Fuente engaged in the following transactions:

a. May 1: Fuente sold 50 staplers to Aaron Enterprises at a list price of $12 per stapler.

b. May 5: Fuente accepted four staplers returned by Aaron Enterprises.

c. May 10: Aaron paid for the 46 staplers they kept.

d. May 11: Fuente sold 25 filing cabinets to Buckles Corporation at a list price of $70 per cabinet.

e. May 23: Buckles returned five filing cabinets that it did not need.

f. June 4: Buckles paid for the 20 filing cabinets they kept.

Required:

Prepare journal entries for each of these transactions assuming Fuente records sales using the gross method.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...