At the beginning of June 2024 , Grouper Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $6,000, and D. Grouper, Capital $24,000. During the month of June, th company had the following selected transactions: June 1 Purchased $9,200 of merchandise inventory from Sun Supply Co., terms 1/15,n/30, FOB destination. 2 The correct company paid $200 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $11,500. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. 6 Issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $540 and was returned to inventory. 6 The correct company paid $290 freight on the June 5 sale. 7 Purchased $820 of supplies for cash. 10 Purchased $4,050 of merchandise inventory from Fey Wholesalers, terms 2/10,n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,600. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $470 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $320. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer \& Company for $4,300, terms n/30, FOB shipping point. Grouper's cost for this merchandise was $2,700. A physical inventory count shows $3,800 of inventory on hand on June 30,2024. (To record cash payment for freight costs.) (To record purchase on account.) (To record cash payment of freight.) June 10 June 10 (To record cash payment of freight.) At the beginning of June 2024 , Grouper Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $6,000, and D. Grouper, Capital $24,000. During the month of June, th company had the following selected transactions: June 1 Purchased $9,200 of merchandise inventory from Sun Supply Co., terms 1/15,n/30, FOB destination. 2 The correct company paid $200 cash for freight charges on the June 1 purchase. 5 Sold merchandise inventory to Moose Jaw Retailers for $11,500. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. 6 Issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $540 and was returned to inventory. 6 The correct company paid $290 freight on the June 5 sale. 7 Purchased $820 of supplies for cash. 10 Purchased $4,050 of merchandise inventory from Fey Wholesalers, terms 2/10,n/30, FOB shipping point. 10 The correct company paid $150 freight costs on the purchase from Fey Wholesalers. 12 Received a $250 credit from Fey Wholesalers for returned merchandise. 14 Paid Sun Supply Co. the amount due. 15 Collected the balance owing from Moose Jaw Retailers. 19 Sold merchandise for $7,200 cash. The cost of this merchandise was $4,600. 20 Paid Fey Wholesalers the balance owing from the June 10 purchase. 25 Made a $470 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $320. The merchandise was damaged and could not be resold. 30 Sold merchandise to Bauer \& Company for $4,300, terms n/30, FOB shipping point. Grouper's cost for this merchandise was $2,700. A physical inventory count shows $3,800 of inventory on hand on June 30,2024. (To record cash payment for freight costs.) (To record purchase on account.) (To record cash payment of freight.) June 10 June 10 (To record cash payment of freight.)
