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During July 2020, the following transactions were completed 1 03-Jul-20 Seller sold merchandise of Rp18,000, FOB destination, term 2/10, n/30. COGS is 70% of sales
During July 2020, the following transactions were completed 1 03-Jul-20 Seller sold merchandise of Rp18,000, FOB destination, term 2/10, n/30. COGS is 70% of sales price. 2 04-Jul-20 Paid freight on transaction above, Rp300. 3 4 5 05-Jul-20 Buyer returned defective products of Rp2.100. 15-Jul-20 Buyer paid Seller in full. 16-Jul-20 Seller sold merchandise of Rp12.600, FOB shipping point, term 3/10, 1/60. COGS is 60% of sales price. 17-Jul-20 Paid freight on transaction above, Rp550. 6 7 8 25-Jul-20 Buyer paid Seller in full. 28-Jul-20 Seller gave cash refund of Rp500 to Buyer for damaged merchandise (from transaction No. 5) after paid in full. Buyer agreed to keep the merchandise. Instruction: Journalize the transactions using perpetual inventory method for both BUYER and SELLER (8 x 2 = 16 journal entries)
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