Journalize the following transaction for Qaiwan Group during the month of March 2018. March 1st, Purchased...

 

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Journalize the following transaction for Qaiwan Group during the month of March 2018. March 1st, Purchased merchandise inventory from Sarsir Corporation list price $188,500, trade discount 15%, FOB shipping point fright cost $600. Term of credit 2/15, n/45. March 2nd, Sold merchandise Inventory to Carfour Supermarket list price $115,800 Trade discount 20%, sales tax 15%. FOB destination, Paid fright cost $400. Cost of merchandise sold $60,300. Term of credit 1/15, n/30. March 6th, Carfour Supermarket return part of merchandise purchased on 2nd of March list price $30,500 trade discount 20%. Cost of merchandise sold, return $11,000. March 9th, Received full Payment from Carfour Supermarket for sale made on March 2nd. March 11th, Made full payment to Sarsir Corporation, for merchandise inventory purchased made on March 1st. Journalize the following transaction for Qaiwan Group during the month of March 2018. March 1st, Purchased merchandise inventory from Sarsir Corporation list price $188,500, trade discount 15%, FOB shipping point fright cost $600. Term of credit 2/15, n/45. March 2nd, Sold merchandise Inventory to Carfour Supermarket list price $115,800 Trade discount 20%, sales tax 15%. FOB destination, Paid fright cost $400. Cost of merchandise sold $60,300. Term of credit 1/15, n/30. March 6th, Carfour Supermarket return part of merchandise purchased on 2nd of March list price $30,500 trade discount 20%. Cost of merchandise sold, return $11,000. March 9th, Received full Payment from Carfour Supermarket for sale made on March 2nd. March 11th, Made full payment to Sarsir Corporation, for merchandise inventory purchased made on March 1st.

Answer rating: 100% (QA)

Date March1 Account Title Merchandise Inventory Accounts PayableS... View the full answer