Fiona's Store had the following transactions during December, the last month of the accounting period (20...
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Fiona's Store had the following transactions during December, the last month of the accounting period (20 points): Sold merchandise on credit for $6,000, cost $4.000 terms I 10. n 30. 3 Purchased merchandise for cash. $900. Purchased merchandise on credit for $4.600, terms 2 10. n 30. Issued a credit memorandum for $500 to a customer who returned Dec. I 4 5 merchandise purchased November 29, cost $300. Received payment for merchandise sold December 1. 15 Received a credit memorandum for $500 for the return of faulty merchandise purchased on December 4. Paid freight charges of $100 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $8.000, terms 1 10 n 30, cost $6.500. 18 31 Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system. Fiona's Store had the following transactions during December, the last month of the accounting period (20 points): Sold merchandise on credit for $6,000, cost $4.000 terms I 10. n 30. 3 Purchased merchandise for cash. $900. Purchased merchandise on credit for $4.600, terms 2 10. n 30. Issued a credit memorandum for $500 to a customer who returned Dec. I 4 5 merchandise purchased November 29, cost $300. Received payment for merchandise sold December 1. 15 Received a credit memorandum for $500 for the return of faulty merchandise purchased on December 4. Paid freight charges of $100 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $8.000, terms 1 10 n 30, cost $6.500. 18 31 Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system.
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Fionas Store Journal Enteries Particulars Dec01 Accounts Receivable ac To Sales Sales on credit Date ... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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