Please prepare the entries for the transactions below and indicate what Journal it is )1-Aug Purchased...
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Please prepare the entries for the transactions below and indicate what Journal it is )1-Aug Purchased Inventory from John's company for $24,000, terms: 2/15, n/30 FOB )2-Aug Business sold merchandise inventory to MicroUniverse Co. for $4,800, terms: 3/10, n/60 FOB )3-Aug Paid $200 for freight charges on the purchase of Aug1, 2020 )9 Aug Purchased inventory from Khan Co. For $9,200, terms: 3/15, n/60 )12-Aug Received a $1,200 credit memo acknowledging the return of merchandise purchased on Aug9 12-Aug Received balance due from MicroUniverse Co. for the credit sales dated Aug2. 16-Aug Paid the balance due to John's company. }19-Aug Sold merchandise that cost $3,600 to UltraCity Co. for $5,000 under the credit terms of 3/15, )21-Aug Issued a $600 credit memo to UltraCity Co. for an allowance on goods sold on Aug19, 2020 0)22-Aug Received a debit memo from UltraCity Co. for an error that overstated the total invoice by $2 1)24-Aug Paid Khan Co. the balance due 2)30-Aug Received the balance due from UltraCity for the credit sales dated on Aug19, Please prepare the entries for the transactions below and indicate what Journal it is )1-Aug Purchased Inventory from John's company for $24,000, terms: 2/15, n/30 FOB )2-Aug Business sold merchandise inventory to MicroUniverse Co. for $4,800, terms: 3/10, n/60 FOB )3-Aug Paid $200 for freight charges on the purchase of Aug1, 2020 )9 Aug Purchased inventory from Khan Co. For $9,200, terms: 3/15, n/60 )12-Aug Received a $1,200 credit memo acknowledging the return of merchandise purchased on Aug9 12-Aug Received balance due from MicroUniverse Co. for the credit sales dated Aug2. 16-Aug Paid the balance due to John's company. }19-Aug Sold merchandise that cost $3,600 to UltraCity Co. for $5,000 under the credit terms of 3/15, )21-Aug Issued a $600 credit memo to UltraCity Co. for an allowance on goods sold on Aug19, 2020 0)22-Aug Received a debit memo from UltraCity Co. for an error that overstated the total invoice by $2 1)24-Aug Paid Khan Co. the balance due 2)30-Aug Received the balance due from UltraCity for the credit sales dated on Aug19,
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Journal Entles Date Accounts Tite Debit Credit Aug 1 oventory 24000 Accounts Payable IToracord inven... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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