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Create Alpha Company General Journal entries for May

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Reference no: EM132523487

Question - Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase and sales are, FOB Destination, 2/10, n30 and the gross method is used.

Alpha company sold on account merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company.

Bravo Company returned, the alpha company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450.

Required - Use this information to create Alpha Company's General Journal entries for May 2 & 3 entries.

Reference no: EM132523487

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