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Prepare general journal entries for Arrow-A Company

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Problem - Merchandising Journal Entries - Prepare general journal entries for Arrow-A Company to record the following transactions for the month of June.

June 5 Purchased $3,500 of merchandise from Arthur Company on account, terms 3/15, n/30.

June 7 Sold merchandise to Alea Inc., $500 cash. (The cost of this merchandise was $215.)

June 8 Paid for the shipping costs incurred on the June 5 purchase, $230.

June 9 Returned $700 of merchandise to Arthur for credit.

June 10 Purchased $495 of supplies on account from The Art Suppliers.

June 12 Sold $850 of merchandise to the Abilene County Schools on account, terms 2/10, n/30. (The cost of this merchandise was $625.)

June 15 Abilene County Schools returned for credit $200 of merchandise purchased on june 12. (The cost of this merchandise was $150.)

June 16 Paid the amount owed to Arthur, less the return and the discount.

June 20 Received a check from the Abilene County Schools for the amount owed from June 12, less the return and the discount.

June 21 Purchased merchandise from Anna Company, $1700 cash.

Reference no: EM132738408

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