Information related to HA Co. is presented below. 1. On May 7, purchased merchandise from BO...

  

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Information related to HA Co. is presented below. 1. On May 7, purchased merchandise from BO Company for $ 23,000, terms 2/10, net/30, FOB shipping point. 2. On May 8, paid freight costs of $900 on merchandise purchased from BO. 3. On May 9, returned damaged merchandise to BO Company and was granted a $ 3,000 credit for returned merchandise. 4. On May 12, paid the amount due to BO Company in full. 5- On May 13, purchased merchandise from 2M Company for $ 12,000, terms 1/15, n/40, FOB destination point. 6. On May 15, Company sold $ 90,000 of merchandise to Customer M, terms 1/10, n/30. FOB destination point. The cost of the merchandise sold was $ 62,000. 7- on 16 May, Company paid $500 cash cost for transportation related to the May 15. 8. On 18 May, customer M returned merchandise from the May 15 sale, that had cost HA Co. $6,900 and had been sold for $10,000. The merchandise was restored to inventory. 2. On May 20, Company received the balance due from customer M. 10. On May 30, Company paid the amount due to 2M Company in full. Required: Prepare the journal entries to record these transactions on the books of HA Co. Information related to HA Co. is presented below. 1. On May 7, purchased merchandise from BO Company for $ 23,000, terms 2/10, net/30, FOB shipping point. 2. On May 8, paid freight costs of $900 on merchandise purchased from BO. 3. On May 9, returned damaged merchandise to BO Company and was granted a $ 3,000 credit for returned merchandise. 4. On May 12, paid the amount due to BO Company in full. 5- On May 13, purchased merchandise from 2M Company for $ 12,000, terms 1/15, n/40, FOB destination point. 6. On May 15, Company sold $ 90,000 of merchandise to Customer M, terms 1/10, n/30. FOB destination point. The cost of the merchandise sold was $ 62,000. 7- on 16 May, Company paid $500 cash cost for transportation related to the May 15. 8. On 18 May, customer M returned merchandise from the May 15 sale, that had cost HA Co. $6,900 and had been sold for $10,000. The merchandise was restored to inventory. 2. On May 20, Company received the balance due from customer M. 10. On May 30, Company paid the amount due to 2M Company in full. Required: Prepare the journal entries to record these transactions on the books of HA Co.

Answer rating: 100% (QA)

Exercise 713 Required 1 MLee Note Total Through Amount Accrued Interest Recognized Maturity At Decem... View the full answer