3) The following selected transactions were completed during July between All Ways Trading Co and Supervalu...
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3) The following selected transactions were completed during July between All Ways Trading Co and Supervalu Co: July 2. All Ways company sold merchandise on account to Supervalu Company, $16,000, terms FOB shipping point, 2/10, n/30 and paid freight of $375, which was added to the invoice. Required: The cost of goods sold was $11,000. 12. Supervalu Co paid All Ways Co for purchase of July 2 invoice, less discount. 24. All Ways Co sold merchandise on account to Supervalu Co, $13,200. Terms FOB shipping point, n/eom. The cost of goods sold was $ 10,000. 26. Supervalu Co paid freight of $ 190 on July 24 purchase from All Ways Co. 30. Supervalu Co paid All Ways Co on account for July 24 purchase. Journalize transaction for the month of July for (1) All Ways Co, and (2) Supervalu Co, assuming both the Companies use perpetual inventory system. 1 2 3 4 5 -6 7 A 9 10 11 12 4 S 6 7 Date General Journal-Seller Account Titles & Description PR E Debit Credit G H General Journal - Buyer Date Account Titles & Description + PR K Debit Credit M 3) The following selected transactions were completed during July between All Ways Trading Co and Supervalu Co: July 2. All Ways company sold merchandise on account to Supervalu Company, $16,000, terms FOB shipping point, 2/10, n/30 and paid freight of $375, which was added to the invoice. Required: The cost of goods sold was $11,000. 12. Supervalu Co paid All Ways Co for purchase of July 2 invoice, less discount. 24. All Ways Co sold merchandise on account to Supervalu Co, $13,200. Terms FOB shipping point, n/eom. The cost of goods sold was $ 10,000. 26. Supervalu Co paid freight of $ 190 on July 24 purchase from All Ways Co. 30. Supervalu Co paid All Ways Co on account for July 24 purchase. Journalize transaction for the month of July for (1) All Ways Co, and (2) Supervalu Co, assuming both the Companies use perpetual inventory system. 1 2 3 4 5 -6 7 A 9 10 11 12 4 S 6 7 Date General Journal-Seller Account Titles & Description PR E Debit Credit G H General Journal - Buyer Date Account Titles & Description + PR K Debit Credit M
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General Journal Seller Allways Co Date Accounts Title and Explanation PR Debit Credit July 2 Account... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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