Create journal: Jim's Lawn Care has purchased flowers and shrubs for spring plantings for his clients. Record
Question:
Create journal:
Jim's Lawn Care has purchased flowers and shrubs for spring plantings for his clients.
Record the following transactions for the purchase and sale of the merchandise:
Purchased merchandise on account from Menne Nursery for $500, terms FOB destination, n/30.
Purchased merchandise on account from Frank's Flowers for $1,000, terms FOB shipping point, 2/10,n/30. Freight of $25 was added to the invoice.
Sold merchandise on account to Mr. Adams for $700, n/15. The cost of the merchandise was $450.
Purchased merchandise on account from Frank's Flowers for $850, terms FOB destination, 2/10,n/30.
Received full payment from Mr. Adams.
Sold merchandise on account to Allen Investing Group for $1,500, terms n/30. The cost of the merchandise was $1,000.
Paid Menne Nursery for the purchase in a.
Sold merchandise to cash customers for $1,250. The cost of the merchandise was $900.
Paid Frank's Flowers for the purchase is b.
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille