Question: Record the following transactions in general journal form using the periodic inventory system: June 5 Sold merchandise on account to Wilson, Inc., $ 520; terms

Record the following transactions in general journal form using the periodic inventory system:
June 5 Sold merchandise on account to Wilson, Inc., $ 520; terms 1/10, n/30.
12 Bought merchandise on account from Mastercraft Company, $ 425; terms 2/10, n/45; FOB shipping point.
15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $ 45.
June 17 Received full payment from Wilson, Inc.
20 Received a credit memo from Mastercraft Company for defective merchandise returned, $ 75.
25 Paid Mastercraft Company in full within the discount period.
29 Bought merchandise on account from Boze Industries, $ 1,090; terms 1/15, n/30; freight prepaid and added to the invoice, $ 52 (total $ 1,142).

Step by Step Solution

★★★★★

3.35 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

GENERAL JOURNAL PAGE DATE POST CREDIT DESCRIPTION REF DEBIT 20 June 5 Accounts Rece... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

339-B-A-P (515).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks,...

Record each of the following transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. a....

Record the following transactions in general journal form using the periodic inventory system. If an amount does not require an entry, leave it blank. Round your answers to the nearest cent. June 5...

Menu QUESTION 2 Not complete Marked out of 104.00 Flag question Journal Entries for Merchandise Transactions-Periodic Systenm Polidor Company was established on July 1. Its sales terms are 2/10,...

Polidor Company was established on July 1. Its sales terms are 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are given...

Journal Entries for Merchandise Transactions-Periodic System Polidor Company was established on July 1. Its sales terms are 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected...

Prepare the journal entries to record the following transactions for the Walbright Company using a periodic inventory system. a. On June 2, Walbright purchased $350,000 of merchandise from the Ferway...

please answer the exercises and be very specific please. thank you BE5.1 (LO 1) Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Cost of...

Chapter 10- Homewor X CengageNOWv2 | Onl x C Solved: Record the fol X Ch 10 Reading: Cash | x Search Results | Cour X Current Business New x o Mail - Ocegueda, Skie X + C...

How can a top management team lower the chances that key managers will pursue their own self-interests at the expense of stockholders? At the expense of the employees? At the expense of other key...

What are the major challenges facing supply chains that can be aided by IT? What is the impact of business processes on supply chain management IT? How can ERP vendors take advantage of Internet...

How are Georges nonverbal behaviors contradicting the message he is trying to get across about wanting to be promoted? What is each message channel saying, and which will you most likely believe?

Capital Rationing [LO5] How are soft rationing and hard rationing different? What are the implications if a firm is experiencing soft rationing? Hard rationing?

The following data (in millions) are taken from the financial statements of Target Corporation: ___________________________Recent Year __________Prior Year Revenue ....................................

The following data (in millions) were taken from the financial statements of Walmart Stores, Inc: ______________________Recent Year ______________Prior Year Revenue ........................ $446,950...

What is the firm's dividend payment in the current year? What is the firm's net income in the current year? Answer format: Number: Round to: 0 decimal places

Hi, please answer these questions it will be appreciated :) Thanks! Can you also please check my answers :) Consider the case of Badger Corp. Badger Corp. has 9% annual coupon bonds that are callable...

3. Suppose a trader buys a call and a put option on a stock with a strike price of $60 and time to maturity of three months (t=0.25). Suppose that the current stock price of the underlying is also...