1
answer
0
watching
1,095
views
28 Sep 2019
Nov. 3 Instructions: Journalize the transactions below (credit and debit)
Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount
Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers.
25%, terms FOB destination Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.
, 2/10, n/30. 4 Sold merchandise for cash, $36,900. The cost of the goods sold The cost that is reported as an expense when merchandise is sold.
was $20,480. 5 Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.
, 2/10, n/30, with prepaid freight of $750 added to the invoice The bill that the seller sends to the buyer.
. 6 Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $239,110. The cost of the goods sold was $137,270. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $57,100, terms 1/10, n/30. The cost of the goods sold was $32,270. 28 Paid VISA service fee of $3,700. 30 Paid Quinn Co. a cash refund of $5,960 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,290.
Nov. | 3 | Instructions: Journalize the transactions below (credit and debit) Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers. 25%, terms FOB destinationFreight terms in which the seller pays the transportation costs from the shipping point to the final destination. , 2/10, n/30. |
4 | Sold merchandise for cash, $36,900. The cost of the goods sold The cost that is reported as an expense when merchandise is sold. was $20,480. | |
5 | Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination. , 2/10, n/30, with prepaid freight of $750 added to the invoiceThe bill that the seller sends to the buyer. . | |
6 | Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. | |
8 | Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510. | |
13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
14 | Sold merchandise on VISA, $239,110. The cost of the goods sold was $137,270. | |
15 | Paid Papoose Creek Co. on account for purchase of November 5. | |
23 | Received cash on account from sale of November 8 to Quinn Co. | |
24 | Sold merchandise on account to Rabel Co., $57,100, terms 1/10, n/30. The cost of the goods sold was $32,270. | |
28 | Paid VISA service fee of $3,700. | |
30 | Paid Quinn Co. a cash refund of $5,960 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,290. |
Keith LeannonLv2
30 Sep 2019