Question 2 [35 points] Prepare journal entries for June 2014 to record the following transactions for...
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Question 2 [35 points] Prepare journal entries for June 2014 to record the following transactions for Dylex Corporation. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). June 4: Dylex Corporation's merchandise that cost $5,780 was sold to Benson Inc. for $6,800 under credit terms of 2/15, n/90, FOB shipping point. June 5: Benson Inc. requested a price reduction on the June 4 sale because the merchandise did not meet specifications. Sent Benson Inc. a credit memorandum for $1,500 to resolve the issue. June 8: Dylex Corporation sold merchandise to Bentley Inc. that cost $8,245 for $9,700 cash. June 8: Received the balance due from Benson Inc. for the sale dated June 4. June 9: Dylex Corporation sold merchandise that cost $6,460 to Star Inc. for $7,600 under credit terms of n/30, FOB shipping point. June 26: Received the balance due from Star Inc. for the sale dated June 9. Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJ8 Credit Account/Explanation Date 4 4 L 4 F Debit Question 2 [35 points] Prepare journal entries for June 2014 to record the following transactions for Dylex Corporation. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). June 4: Dylex Corporation's merchandise that cost $5,780 was sold to Benson Inc. for $6,800 under credit terms of 2/15, n/90, FOB shipping point. June 5: Benson Inc. requested a price reduction on the June 4 sale because the merchandise did not meet specifications. Sent Benson Inc. a credit memorandum for $1,500 to resolve the issue. June 8: Dylex Corporation sold merchandise to Bentley Inc. that cost $8,245 for $9,700 cash. June 8: Received the balance due from Benson Inc. for the sale dated June 4. June 9: Dylex Corporation sold merchandise that cost $6,460 to Star Inc. for $7,600 under credit terms of n/30, FOB shipping point. June 26: Received the balance due from Star Inc. for the sale dated June 9. Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJ8 Credit Account/Explanation Date 4 4 L 4 F Debit
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Date 4June Accounts Receivable Sales Revenue To record sales Cost of goo... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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