Below are various transactions that took place during January for Anderson Corporation. Jan. 1: Anderson Company purchased merchandise inventory from Clarke Inc. for $25,000 with
Below are various transactions that took place during January for Anderson Corporation.
Jan. 1: Anderson Company purchased merchandise inventory from Clarke Inc. for $25,000 with terms 2/10, n/30.
Jan. 10: Anderson Company paid Clarke for inventory purchases on Jan. 1.
Jan. 15: Anderson Company purchased supplies for $500 cash.
Jan. 20: Anderson Company sold merchandise on credit for $35,000, terms 3/15, n/60 The merchandise had an inventory cost of $25,000.
Jan. 28: Anderson Company received payment in full from the customer of Jan. 20.
Record your journal entries in proper form.
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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
