The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of
Question:
The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year:
May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C
Furniture Warehouse on account, Terms. 3/15, n/30. FOB shipping point
The goods cost C & C Furniture Warehouse $4,100.
7 Sasakis Fine Furnishings paid a $345 freight bill for delivery of the goods purchased on May 4.
10 Sasakis Fine Furnishings returned $1300 of the merchandise purchased on
May 4 The goods cost C & C Furniture Warehouse $750.
18 Sasakis Fine Furnishings paid $1,500 of the May 4 invoice less the discount.
31 Sasakis Fine Furnishings paid the remaining amount owed on the May 4 invoice.
Requirements
1. Journalize these transactions on the books of Sasaki's Fine Furnishings.
2. Journalize these transactions on the books of C & C Furniture Warehouse?
Step by Step Answer: