Journalize, without explanations, the following transactions of Digbey Auto Parts, a distributor that uses the periodic inventory
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Journalize, without explanations, the following transactions of Digbey Auto Parts, a distributor that uses the periodic inventory system, during the month of June 2023:
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Jun. 3 7 9 10 12 16 23 Purchased $16,800 of inventory under terms of 2/10, n/eom and FOB shipping point. Returned $1,600 of defective merchandise purchased on June 3. Paid freight bill of $350 on June 3 purchase. Sold inventory for $22,400, collecting cash of $3,600. Payment terms on the remainder were 2/15, n/30. Paid amount owed on credit purchase of June 3. Granted a sales allowance of $1,200 on the June 10 sale. Received cash from the June 10 customer in full settlement of the debt.
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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