Question
For the below transactions, please do journal entries. 1. AAMI Funeral Home purchases $5,000 worth of merchandise for cash. 2. AAMI Funeral Home purchases $3,000
For the below transactions, please do journal entries.
1. AAMI Funeral Home purchases $5,000 worth of merchandise for cash. 2. AAMI Funeral Home purchases $3,000 worth of merchandise on account with terms 2/10, n/30. 3. AAMI Funeral Home makes a sale of goods for $7,250 on account ($250 of which is Sales Tax) with terms 2/10, n/30. 4. From transaction #2, AAMI Funeral Home makes payment within 10 days. 5. From transaction #3, AAMI Funeral Home receives payment within 10 days. 6. AAMI Funeral Home purchases $2,000 worth of merchandise plus $75 Freight-in with terms 2/10, n/30. 7. From #6, the payment is made within 10 days. 8. From #1, AAMI Funeral Home returns $1500 worth of that merchandise. 9. AAMI Funeral Home makes a sale of goods for $4,600 on account ($200 of which is Sales Tax) with terms 2/10, n/30. 10. AAMI Funeral Home pays a Freight-in charge of $250 on a prior purchase.
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