Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3 Purchased $3,300
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Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point.
7 Returned $900 of defective merchandise purchased on February 3.
9 Paid freight bill of $400 on February 3 purchase.
10 Sold merchandise inventory on account for $4,700. Payment terms were
2/15, n/30. These goods cost the company $2,350.
12 Paid amount owed on credit purchase of February 3, less the return and the discount.
28 Received cash from February 10 customer in full settlement of their debt.
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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