Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton...
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Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton Business Solutions uses a perpetual inventory system. April 1 Purchased merchandise on account from Grand Office Co. at a cost of $4,400, FOB shipping point, terms 1/15, n30. 1 Brunton Business Solutions sold $700 of merchandise to Captain Business Co. for cash that was paid immediately. The cost of sales was $350. 5 Returned for credit $400 of damaged goods purchased from Grand Office Co. on April 1. 12 Sold merchandise on account to Oshawa Fundamentals Corp. for $1150 terms 2/10, n30. The cost of sales was $500. 13 Paid for the purchase from Grand Office Co. on April 1, less the return on April 5th. 19 Issued Oshawa Fundamentals Corp a credit memo in the amount of $100 for incorrect merchandise. The merchandise was returned and put back into inventory (Cost $50). 21 Received payment from Oshawa Fundamentals Corp. for the April 12 sale less the return on the 19th Required: 1. Record the above transactions in the general journal provided on the following page. 2. Explanations are not required. Presented below are selected transactions for Brunton Business Solutions during April of the current year. Brunton Business Solutions uses a perpetual inventory system. April 1 Purchased merchandise on account from Grand Office Co. at a cost of $4,400, FOB shipping point, terms 1/15, n30. 1 Brunton Business Solutions sold $700 of merchandise to Captain Business Co. for cash that was paid immediately. The cost of sales was $350. 5 Returned for credit $400 of damaged goods purchased from Grand Office Co. on April 1. 12 Sold merchandise on account to Oshawa Fundamentals Corp. for $1150 terms 2/10, n30. The cost of sales was $500. 13 Paid for the purchase from Grand Office Co. on April 1, less the return on April 5th. 19 Issued Oshawa Fundamentals Corp a credit memo in the amount of $100 for incorrect merchandise. The merchandise was returned and put back into inventory (Cost $50). 21 Received payment from Oshawa Fundamentals Corp. for the April 12 sale less the return on the 19th Required: 1. Record the above transactions in the general journal provided on the following page. 2. Explanations are not required.
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Date April 1 April 1 April 1 April 5 April 12 April 12 April 13 April 15 ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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