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2) Journalize the following transactions ( 24 marks) A) Suppose Sporting Goods uses the perpetual inventory system and purchases $150,000 of sportswear on account from
2) Journalize the following transactions ( 24 marks) A) Suppose Sporting Goods uses the perpetual inventory system and purchases $150,000 of sportswear on account from Salomon on June 1, 2020. Credit terms are 1/15, net 30. i) Journalize Sporting Goods purchase transaction on June 1 ii) Journalize Sporting Goods transaction if Salomon receives full payment on Jun 10 iii) Journalize Sporting Goods transaction if Salomon receives full payment on Jun 30 B) Salomon uses the perpetual inventory system and sells $150,000 of sportswear to Sporting Goods under credit terms of 1/15, net 30 on June 1,2020 . Salomon's cost of the goods is $90,000. i) Journalize Salomon's transactions on June 1, 2020 ii) Journalize Salomon's transaction if they receive full payment on June 10, 2020 iii) Journalize Salomon's transaction if they receive full payment on June 30, 2020
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