EE 6-3 29 OR ME OW PE 6-3B Sales transactions Journalize the following merchandise transaction # Sold merchandise on account. 378.600 with 1/10, 1/30. The cost of the We chandise sold was $47,200 b. Received payment less the discount c. Escued a $900 credit memo for damaged merchandise. The customer agreed to keep the merchandise SHOW MY NOW E64 HPE 6-4A Freight terms O Determine the amount to be paid in full settlement of each of two invoices, (a) and (0) assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period Credit for Freight Refunds and Merchandise Paid by Seller The Terms Allowances $120,000 51.300 FOB ing point 10w30 147.700 2.100 FOB destination 2/10/30 11.400 520.100 b EE 66204 SHOW ME HOW PE 6-48 Freight terms Determine the amount to be paid in full settlement of each of two invoices, () and OL assuming that credit for returns and allowances was received price to payment and that all invoices were paid within the discount period Credit for Freight Merchandise Refunds and Pald by Seller Freight Terms Allowances 558,600 51.300 FOB den 1710.30 56.500 73.100 600 FOB shipping point, 2/10, 1/30 1900 b. EL 6-5129 SHOW ME HOW PE 6-SA Transactions for buyer and seller 002 Sally Co, sold merchandise to Buck Co. on account. $58.900, terms 2/15, 1/30. The cost of the merchandise sold is $35.200. Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken. SHOW ME HOW EE 6-5 296 PE 6-SB Transactions for buyer and seller Oo.2 Statham Co, sold merchandise to Bloomingdale Co on account, $147,600, terms FOB shipping point, 2/10, 1/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken. EE 6-6 p. 298 SHOW ME HOW PE 6-6A Inventory shrinkage OBJ.3 Novelty Furnishings Company's perpetual inventory records indicate that 5755.000 of merchandise should be on hand on November 30, 20Y1. The physical inventory indicates that $742,000 of merchandise is actually on hand. Joumalize the adjusting entry for the inventory shrinkage for Novelty Furnishings Company for the year ended November 30, 2011. Assume that the inventory shrinkage is a normal amount SHOW ME HOW EE 6-6 28 PE 6-6B Inventory shrinkage OBJ.) Stanley Flooring Company's perpetual inventory records indicate that $1,129,000 of mer- chandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109.300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 2011. Assume that the inventory shrinkage is a normal amount
