Reference no: EM132564353
Question 1 - Prepare journal entries to record the following transactions for a retail store:
March 2 Purchased merchandise from Alfa Company under the following terms: $1,800 invoice price, 2/15, n/60, FOB shipping point.
March 3 Paid $125 for shipping charges on the purchase of March 2.
March 4 Returned to Alfa Company unacceptable merchandise that had an invoice price of $300.
March 17 Sent a cheque to Alfa Company for the March 2 purchase, net of the discount and the returned merchandise.
March 18 Purchased merchandise from Bravo Company under the following terms: $2,500 invoice price, 2/10, n/30, FOB destination.
March 21 After brief negotiations, received a credit memorandum from Bravo Company granting a $700 allowance on the purchase of March 18.
March 28 Sent a cheque to Bravo Company paying for the March 18 purchase, net of the discount and the allowance.
Question 2 - On May 12, William Company accepted delivery of $20,000 of merchandise and received an invoice dated May 11, with terms of 3/10, n/30, FOB shipping point. When the goods were delivered, William Company paid $185 to Express Shipping Service for the delivery charges on the merchandise. The next day, William Company returned $800 of defective goods to the seller, which received them one day later. On May 21, William Company mailed a cheque to Gabriel Company for the amount owed on that date. It was received the following day.
Required -
a. Present the journal entries that William Company should record for these transactions.
b. Present the journal entries that Gabriel Company should record for these transactions.
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