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E4-20A (similar to) Question Help The following transactions occurred during June 2018 for Soul Art Gift Shop, Inc.: (Click the icon to view the transactions.)
E4-20A (similar to) Question Help The following transactions occurred during June 2018 for Soul Art Gift Shop, Inc.: (Click the icon to view the transactions.) Requirement 1. Journalize the June transactions for Soul Art Gift Shop, Inc., assuming the net method is used. No explanations are required. (Record debits first, then credits Exclude explanations from any journal entries.) Jun 3: Purchased $3,200 of goods on account. Terms, 3/10, n/30, FOB shipping point Journal Entry Accounts Date Debit Credit Jun Jun 3 Purchased $3,200 of goods on account. Terms, 3/10, 1/30, FOB shipping point 6 Returned $300 of defective merchandise purchased on June 3. 8 Paid freight charges of $90 for delivery of goods purchased on June 3. 11 Sold $2,400 of inventory to a customer on account. Terms, 1/15, n/45, FOB shipping point. The cost of the goods was $500. 12 Paid amount owed on the June 3 purchase. 18 Granted a $900 sales allowance on the June 11 sale because the goods were damaged. 25 Received payment in full from customer for the June 11 sale
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