Bill's Donuts sells yeast-based donuts in a variety of flavours to working professionals and young families...

 

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Bill's Donuts sells yeast-based donuts in a variety of flavours to working professionals and young families no the weekend. The following are Bill's opening transactions: On July 31, 1300 units of Merchandise were purchased on account at a price of 1.50$ unit, terms 2/10 n30. The cost of shipping was $25 terms FOB shipping point. On August 3, Bill sold 100 units at $5 per unit on account. On August 17, 10 items were returned. On August 20, the bill was paid. Journalize the transactions in the table above. Including the correct accounts involved, and the correct application of debits and credits. Date July 31 July 31 August 3 August 3 August 17 August 20 Account To record purchase of merchandise To record for shipping To record for sale of goods To record cost of goods sold To record purchase To record returns To record payment of bill for merchandise Debit Credit Bill's Donuts sells yeast-based donuts in a variety of flavours to working professionals and young families no the weekend. The following are Bill's opening transactions: On July 31, 1300 units of Merchandise were purchased on account at a price of 1.50$ unit, terms 2/10 n30. The cost of shipping was $25 terms FOB shipping point. On August 3, Bill sold 100 units at $5 per unit on account. On August 17, 10 items were returned. On August 20, the bill was paid. Journalize the transactions in the table above. Including the correct accounts involved, and the correct application of debits and credits. Date July 31 July 31 August 3 August 3 August 17 August 20 Account To record purchase of merchandise To record for shipping To record for sale of goods To record cost of goods sold To record purchase To record returns To record payment of bill for merchandise Debit Credit

Answer rating: 100% (QA)

SI No Date Transaction description 1 2 3 4 5 Answer 6 Jul31 To record purcha... View the full answer