Question
for each transaction listed below prepare journal entry in good form to record merchandising transactions of the boston engine company, which uses the perpetual inventory
for each transaction listed below prepare journal entry in good form to record merchandising transactions of the boston engine company, which uses the perpetual inventory system.(be careful to identify each receivable and payable account)
1. june 2 purchased merchandise on account from Marvel Company for 22,000 under credit terms 1/15, net 30 FOB shipping point, invoice dated 2.
date account name debit credit
2. june 4 sold merchandise to sipring company for 15,000 under credit terms 2/10 net 30, FOB destination, invoice dated june. the merchandise had cost 10,000.
date account name debit credit
3. june 5 paid 600$ cash for freight changes on the merchandise purchased on
date account name debit credit
4. june 9 sold merchandise for 3,900 cash that had a cost of 3,400.
date account name debit credit
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