On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination.

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On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $350,000. Humphrey paid $900 for freight charges.

Instructions

Prepare the journal entries to record these transactions on the books of Humphrey Company using a perpetual inventory system. Omit explanations.

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College Accounting

ISBN: 1986

1st Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

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Question Posted: Dec 30, 2019 05:44 AM

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On December 3, Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination.

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Dec 3 Accounts Receivable 570000 Sales Revenue ...View the full answer

College Accounting

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