Reference no: EM132602563
Question - YBM Company completed the following transactions in June of 2018
June 1 Purchased Supplies on Account, $740.
June 3 Purchased inventory on account from Dino Corp., $5,000, terms, 3/15, n/30.
June 7 Sold goods for cash, $2,000 (Cost $1,100).
June 10 Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory.
June 13 Sold goods on account to Fred Co., $1,000, terms 2/10, n/30. (Cost $550).
June 16 Paid for Inventory purchased on June 3 minus the return and the discount.
June 20 Fred Co. was given an allowance of $150 for damaged merchandise from sale of June 13.
June 22 Received payment in full from Fred Co.
June 24 Purchased Inventory on account from Wilma Co., $4,200 plus freight charges of $300.
June 28 Returned defective merchandise of $325 from purchase of June 24.
Required - What is the updated Journal and T accounts for YBM Company.