Question
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: TRANSACTIONS Purchased merchandise for $6,200 from Schmidt, Inc., Invoice 1980,
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: TRANSACTIONS Purchased merchandise for $6,200 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. $320 that was returned; the goods were purchased on Invoice 1980, dated February 10. Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. TRANSACTIONS Sold merchandise for $6,200 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was $3,600. Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $320 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $240. Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Both companies use the perpetual inventory system. Journalize the transactions above in a | |||||
general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.) | |||||
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