Jun. 3 Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. 9 Returned 30%...

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Jun. 3 Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $940 (cost, $564). 15 Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. 16 Paid a $220 freight bill on goods purchased. 17 Sold inventory for $5,000 cash (cost, $4,310). 18 Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). 22 Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). 24 Paid supplier for goods purchased on June 15. 28 Received cash in full settlement of the account from the customer who purchased inventory on June 18. 29 Paid the amount owed on account from the purchase of June 3. 30 The company estimated that $450 of merchandise sold will be returned with a cost of $230. Jun. 3: Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. Date Jun. 3 Accounts and Explanation Debit Credit Jun. 9: Returned 30% of the inventory purchased on June 3. It was defective. Date Jun. 9 Accounts and Explanation Debit Credit Jun. 12: Sold goods for cash, $940 (cost, $564). el Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Jun. 12 Accounts and Explanation Debit Credit Now journalize the expense related to the June 12 sale-Sold goods for cash, $940 (cost, $564). Date Jun. 12 Accounts and Explanation Debit Credit Jun. 15: Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. Date Jun. 15 Accounts and Explanation Debit Credit Jun. 16: Paid a $220 freight bill on goods purchased. ale Date Jun. 16 Accounts and Explanation Debit Credit el Jun. 17: Sold inventory for $5,000 cash (cost, $4,310). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Jun. 17 Accounts and Explanation Debit Credit Now journalize the expense related to the June 17 sale-Sold inventory for $5,000 cash (cost, $4,310). el Date Jun. 17 Accounts and Explanation Debit Credit Purc Jun. 18: Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the Cale sale. We will do that in the following step. Date Jun. 18 Accounts and Explanation Debit Credit Now journalize the expense related to the June 18 sale-Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). Date Jun. 18 Accounts and Explanation Debit Credit Jun. 22: Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). Start by preparing the entry to record the sales return. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Jun. 22 Accounts and Explanation Debit Credit Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). Date Jun. 22 Accounts and Explanation Debit Credit el Jun. 24: Paid supplier for goods purchased on June 15. Date Jun. 24 Accounts and Explanation Debit Credit Jun. 28: Received cash in full settlement of the account from the customer who purchased inventory on June 18. le Date Jun. 28 Accounts and Explanation Debit Credit Jun. 29: Paid the amount owed on account from the purchase of June 3. Date Jun. 29 Accounts and Explanation Debit Credit Jun. 30: The company estimated that $450 of merchandise sold will be returned with a cost of $230. Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Date Accounts and Explanation Debit Credit Jun. 30 e Now prepare the entry for the estimated return of merchandise. Date Jun. 30 Accounts and Explanation Debit Credit Jun. 3 Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $940 (cost, $564). 15 Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. 16 Paid a $220 freight bill on goods purchased. 17 Sold inventory for $5,000 cash (cost, $4,310). 18 Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). 22 Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). 24 Paid supplier for goods purchased on June 15. 28 Received cash in full settlement of the account from the customer who purchased inventory on June 18. 29 Paid the amount owed on account from the purchase of June 3. 30 The company estimated that $450 of merchandise sold will be returned with a cost of $230. Jun. 3: Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. Date Jun. 3 Accounts and Explanation Debit Credit Jun. 9: Returned 30% of the inventory purchased on June 3. It was defective. Date Jun. 9 Accounts and Explanation Debit Credit Jun. 12: Sold goods for cash, $940 (cost, $564). el Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Jun. 12 Accounts and Explanation Debit Credit Now journalize the expense related to the June 12 sale-Sold goods for cash, $940 (cost, $564). Date Jun. 12 Accounts and Explanation Debit Credit Jun. 15: Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. Date Jun. 15 Accounts and Explanation Debit Credit Jun. 16: Paid a $220 freight bill on goods purchased. ale Date Jun. 16 Accounts and Explanation Debit Credit el Jun. 17: Sold inventory for $5,000 cash (cost, $4,310). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Jun. 17 Accounts and Explanation Debit Credit Now journalize the expense related to the June 17 sale-Sold inventory for $5,000 cash (cost, $4,310). el Date Jun. 17 Accounts and Explanation Debit Credit Purc Jun. 18: Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the Cale sale. We will do that in the following step. Date Jun. 18 Accounts and Explanation Debit Credit Now journalize the expense related to the June 18 sale-Sold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). Date Jun. 18 Accounts and Explanation Debit Credit Jun. 22: Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). Start by preparing the entry to record the sales return. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Jun. 22 Accounts and Explanation Debit Credit Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). Date Jun. 22 Accounts and Explanation Debit Credit el Jun. 24: Paid supplier for goods purchased on June 15. Date Jun. 24 Accounts and Explanation Debit Credit Jun. 28: Received cash in full settlement of the account from the customer who purchased inventory on June 18. le Date Jun. 28 Accounts and Explanation Debit Credit Jun. 29: Paid the amount owed on account from the purchase of June 3. Date Jun. 29 Accounts and Explanation Debit Credit Jun. 30: The company estimated that $450 of merchandise sold will be returned with a cost of $230. Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Date Accounts and Explanation Debit Credit Jun. 30 e Now prepare the entry for the estimated return of merchandise. Date Jun. 30 Accounts and Explanation Debit Credit