Question
Aphase company used the periodic inventory system for purchase & sale of merchandise. Discount terms doe both purchase & sales are FOB destination, 2/10, n30
Aphase company used the periodic inventory system for purchase & sale of merchandise. Discount terms doe both purchase & sales are FOB destination, 2/10, n30 and gross method is used.
Aalpha company ss on account $2,500 of merchandise to bravo company on may 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by alpha company
BRambo company returned to alpha company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400
Usir this information to prepare alpha company's general journal entries for may 2 and may 3rd
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