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A Company entered into the following transactions in May. May 1: purchased $4,200 of merchandise on May 1 with terms of 1/10, n/30, FOB Shipping
A Company entered into the following transactions in May.
- May 1: purchased $4,200 of merchandise on May 1 with terms of 1/10, n/30, FOB Shipping Point.
- May 3: returned $400 of defective merchandise from the May 1 purchase.
- May 11: paid for the May 1 purchase less any discount.
- May 12: sold merchandise to B Company for $3,600 that had cost $1,800, terms 1/10, n/60.
- May 15: the customer returned from the May 12 sale, $600 of merchandise that had cost $300.
- May 22: received payment from the customer for the May 12 sale less any applicable discount.
Required: Copy and past the following table into the box below. Prepare journal entries for the above transactions using the correct format (including indenting for credits and skipping a line between entries). Insert additional rows as needed Omit Descriptions.
Date | Account Name | Debit | Credit |
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