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Journalize the transactions for foster company

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Problem - Journalize the following transactions for Foster Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.

June 1 Sold goods costing $5,220 to Ward Company on account $8,700 terms 4/10, n/30.

June 7 Ward Company was granted an allowance of $2,175 for returned merchandise that was previously purchased on account. The returned Goods are in perfect condition.

June 11 Received the amount due from Ward Company.

Reference no: EM131604217

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