Doe Co. is a merchandise retailer. The company had the following transactions during the month of...
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Doe Co. is a merchandise retailer. The company had the following transactions during the month of April: April 2 Purchased merchandise from MAP Corp. for $12,000 under credit terms of 2/10,N/30 April 5 Sold Merchandise to Bergez Co. for $15,500 under credit terms 2/10,30. The merchandise had cost $13,750. April 10 Purchased merchandise from McFarland Co. for $12,250 under credit terms 1/10,N/30. April 12 Bergez Co. returned merchandise from the April 5 sale that had cost $2,000, and had been sold for $2,750. The merchandise was restored to inventory. April 15 Received the balance due from Bergez Co. for April 5 sales, less the return on April 12. April 20 Sold Merchandise to Harden Co, for $11,000 under credit terms 5/20,N/60. The merchandise had cost $8,750. April 20 Paid the amount due McFarland Co. for the April 10 purchase. April 30 Received balance due from Harden Co. for April 20 sale. April 30 Paid the amount due to MAP Corp. for April 2 purchase. Required Prepare journal entries to record the merchandising transactions for Doe Co. Use a separate account for each payable and receivable, for example: Accounts payable MAP Corp. Doe Co. is a merchandise retailer. The company had the following transactions during the month of April: April 2 Purchased merchandise from MAP Corp. for $12,000 under credit terms of 2/10,N/30 April 5 Sold Merchandise to Bergez Co. for $15,500 under credit terms 2/10,30. The merchandise had cost $13,750. April 10 Purchased merchandise from McFarland Co. for $12,250 under credit terms 1/10,N/30. April 12 Bergez Co. returned merchandise from the April 5 sale that had cost $2,000, and had been sold for $2,750. The merchandise was restored to inventory. April 15 Received the balance due from Bergez Co. for April 5 sales, less the return on April 12. April 20 Sold Merchandise to Harden Co, for $11,000 under credit terms 5/20,N/60. The merchandise had cost $8,750. April 20 Paid the amount due McFarland Co. for the April 10 purchase. April 30 Received balance due from Harden Co. for April 20 sale. April 30 Paid the amount due to MAP Corp. for April 2 purchase. Required Prepare journal entries to record the merchandising transactions for Doe Co. Use a separate account for each payable and receivable, for example: Accounts payable MAP Corp.
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April 2 Accounts payable MAP Corp Dr 12000 Merchandise inventory Cr 12000 To record the purchase of ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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