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At the beginning of June 2024, Marigold Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,500, and D. Marigold, Capital $22,500. During the month
At the beginning of June 2024, Marigold Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,500, and D. Marigold, Capital $22,500. During the month of June, the company had the following selected transactions: June 1 Purchased $9,000 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination. 2 5 9 19 6 The correct company paid $250 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $12,000. The cost of the merchandise was $7,500 and the terms were 2/10, n/30, FOB destination. Issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $469 and was returned to inventory. The correct company paid $280 freight on the June 5 sale. 7 Purchased $840 of supplies for cash. 10 Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $120 freight costs on the purchase from Fey Wholesalers. 12 Received a $300 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 $4,500. 20 20 25 25 30 Paid Fey Wholesalers the balance owing from the June 10 purchase. Made a $510 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $319. The merchandise was damaged and could not be resold. Sold merchandise to Bauer & Company for $4,300, terms n/30, FOB shipping point. Marigold's cost for this merchandise was $2,700.
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