Prepare journal entries to record the following merchandising transactions of Blink Company. July 1 Purchased merchandise from
Question:
Prepare journal entries to record the following merchandising transactions of Blink Company.
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.
3 Paid \($125\) cash for freight charges on the purchase of July 1.
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.
16 Paid the balance due to Boden Company within the discount period.
24 Paid Leight Co. the balance due within the discount period.
Step by Step Answer:
College Accounting Ch 1-14
ISBN: 9780073346892
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw