Prepare journal entries to record the above merchandising

Assignment Help Accounting Basics

Reference no: EM13581013

July	1	Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
	2	Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500.
	3	Paid $125 cash for freight charges on the purchase of July 1.
	8	Sold merchandise that had cost $1,300 for $1,700 cash.
	9	Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
	11	Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
	12	Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
	16	Paid the balance due to Boden Company within the discount period.
	19	Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
	21	Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19.
	24	Paid Leight Co. the balance due after deducting the discount.
	30	Received the balance due from Art Co. for the invoice dated July 19, net of discount.
	31	Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system.

Reference no: EM13581013

Questions Cloud

Naui industries manufacture flowered shirts which normally : naui industries manufacture flowered shirts which normally sell for 24 each. the current unit cost to manufacture each

On january 1 2013 piper co issued ten-year bonds with a : on january 1 2013 piper co. issued ten-year bonds with a face value of 4500000 and a stated interest rate of 10 payable

A manufacturing company prepays its insurance coverage for : a manufacturing company prepays its insurance coverage for a three-year period. the premium for the three years is 4500

Fairfax company uses weighted -average process costing to : fairfax company uses weighted -average process costing to account for it productio cost. direct labor is added evenly

Prepare journal entries to record the above merchandising : july1nbspnbsppurchased merchandise from boden company for 6000 under credit terms of 115 n30 fob shipping point invoice

Rogers co had a sheet metal cutter that cost 110000 on : rogers co. had a sheet metal cutter that cost 110000 on january 5 2010. this old cutter had an estimated life of ten

During the current year the united states files criminal : during the current year the united states files criminal and civil actions against joe the ceo of box corporation and

Atlantic company produces a single product for the most : atlantic company produces a single product. for the most recent year the companys net operating income computed by the

Dicenta corporation reported net income of 283000 in 2012 : dicenta corporation reported net income of 283000 in 2012 and had 50000 shares of common stock outstanding throughout

User Account

All Pages