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Caronport Carpentry Shop buys and sells merchandise for resale. The following are various transactions that happened during the month of June 2021. Provide all
Caronport Carpentry Shop buys and sells merchandise for resale. The following are various transactions that happened during the month of June 2021. Provide all necessary journal entries to record the transactions, rounding all early-payment discount amounts to the nearest dollar. Show your calculations. Jun 4 Caronport Carpentry Shop purchased $2,118 in merchandise from supplier WVS Enterprises. Terms 2/10, n/30. Jun 11 The company paid the amount owing on their account with WVS Enterprises. Jun 12 On the June 4 purchase, the company returned $275 of defective merchandise. Jun 13 Sold $4,545 in goods to customer 1222222 Saskatchewan Ltd. on account, terms 3/10 n/30. The merchandise had a cost of $2,500. 1222222 Saskatchewan Ltd returned $909 of merchandise sold to them on Jun 13 for a full credit on account. The merchandise is resellable, and had a cost of $500. Caronport Carpentry Shop received full payment for the June 13 order sold to 1222222 Saskatchewan Ltd. Jun 21 Jun 22
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