Journalize, without explanations, the following transactions of Lane's Fine Gifts during the month of September: Sept. 3
Question:
Journalize, without explanations, the following transactions of Lane's Fine Gifts during the month of September: Sept. 3 Purchased $1,900 of inventory on account under terms of 2/10 n/com (end of month) and FOB shipping point. 7 9 10 12 12 16 Returned $300 of defective merchandise purchased on September 3. Paid freight bill of $30 on September 3 purchase. Sold inventory on account for $3.100. Payment terms on the remainder were 2/15 n/30. These goods cost Lane's Fine Gilts $1,700. Paid amount owed on credit purchase of September 3, less the discount and the return. Granted a sales allowance of $800 on the September 10 sale. 23 Received cash from September 10 customer in full seulement of her debt. less the allowance and the discount.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones