Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise...
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Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: June 1 Purchased on account merchandise for resale for $13,000; terms were 2/10, n/30. 3 Paid $850 cash for freight on the junet purchase. 7 Returned merchandise costing $1,000 (part of the $13.000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $12,000 for $15.000; terms were 2/10, n/30. Fry 16 Customer returned merchandise costing $1.150 that had been sold on account for $1,400 (part of the $15,000 sale). +*+NG 1044 22 Received payment from customer for merchandise sold on June 13, Prepare journal entries for each of the transactions for the Cushing Distributing Company. Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: June 1 Purchased on account merchandise for resale for $13,000; terms were 2/10, n/30. 3 Paid $850 cash for freight on the junet purchase. 7 Returned merchandise costing $1,000 (part of the $13.000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $12,000 for $15.000; terms were 2/10, n/30. Fry 16 Customer returned merchandise costing $1.150 that had been sold on account for $1,400 (part of the $15,000 sale). +*+NG 1044 22 Received payment from customer for merchandise sold on June 13, Prepare journal entries for each of the transactions for the Cushing Distributing Company.
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REQUIREMENT Journal entries are prepared below In the books of Cushing Distribution Co ... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
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