Question
14. Journalize each of the following transactions for TIM Co.. Assume the perpetual inventory system is used. Mar 22 Purchased merchandise on account from Thomas
14. Journalize each of the following transactions for TIM Co.. Assume the perpetual inventory system is used. Mar 22 Purchased merchandise on account from Thomas Wholesalers, $8,000. Terms 2/10, n/30, FOB shipping point. Mar 24 Returned $2,000 goods to Thomas Wholesalers that were not ordered. Mar 29 Sold merchandise to Client ATC, $5,000. Terms 2/10, n/30, FOB shipping point. Paid freight bill of $58 for the transaction. Cost of goods, $2,500. Apr 1 Made payment to Thomas Wholesalers for the purchase on Mar 22, plus a freight of $136. Apr 2 Client ATC retuned $1,500 of the merchandise sold on Mar 29. Cost of goods: $7,50. Apr 9 Client ATC made payment for its transaction on Mar 29
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