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EX 5/7 supplier on account, terms FOB destination, 2/10, n/30. Paramoui uinl CU., a women's clothing store, purchased $60,000 of merchandise from a f the
EX 5/7
supplier on account, terms FOB destination, 2/10, n/30. Paramoui uinl CU., a women's clothing store, purchased $60,000 of merchandise from a f the merchandise, receiving a credit memo, and thern discount period. Journalize Paramount merchandise return, and (c) the payment paid the amount due within the Co.'s entries to record (a) the purchase, (b) the EX 5-7 Purchase-related transactions Journalize entries for the following related transactions of Platypus Company a. Purchased $71,500 of merchandise from Sitwell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $13,500 (before purchase s discount of 1%) of the merchandise was defective and returned items, receiving credit. d. Purchased $9,000 of merchandise from Sitwell Co. on account, t e. Received a ch erms n/30. eck for the balance owed from the return in (o), after deducting for the purchase in (d) OBJ. 2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions a. Sold merchandise for cash, $45,000. The cost of the merchandise sold was $27,000. b. Sold merchandise on account, $115,000. The cost of the merchandise sold was $69,000 c. Sold merchandise to customers who used MasterCard and VISA, $130,000. The co of the merchandise sold was $78,000. d. Sold merchandise to customers who used American Express, $100,000. The cost the merchandise sold was $60,000. inc frm Foley Credit Co. for $9,200, representing a service fee pStep by Step Solution
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