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Consider the following perpetual system merchandising transactions of Generda Company. Use a separate account for each receivable and payable; for example, record the sale on
Consider the following perpetual system merchandising transactions of Generda Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable Jasmin Inc. June 1 Sold merchandise to Jasmin Inc for $9,350; terms 2/5,n/15, FOB destination (cost of sales $6,500 ). 2 Purchased $4,750 of merchandise from Rodim Suppliers; terms 2/10,n/20, FOB shipping point. 4 Purchased merchandise inventory from Conjure Sales for $11,100; terms 3/15,n/45, FOB Conjure Sales. 5 Sold merchandise to Bloodhound Inc for $10,700; terms 1/5,n/15, FOB destination (cost of sales $7,550 ). 6 Collected the amount owing from Jasmin Inc regarding the June 1 sale. 12 Paid Rodim Suppliers for the June 2 purchase. 20 Collected the amount owing from Bloodhound regarding the June 5 sale. 30 Paid Conjure Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions
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