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Fortuna Retailers and Bello Distributors had the following transactions in June. Both companies use a perpetual inventory system and the earnings approach for revenue recognition.
Fortuna Retailers and Bello Distributors had the following transactions in June. Both companies use a perpetual inventory system and the earnings approach for revenue recognition.
June Fortuna Retailers purchased merchandise inventory for resale from Bello Distributors for $ Terms of purchase were n FOB shipping point.
June The correct company paid cash for freight charges.
June Fortuna noted that some of the goods were not exactly as ordered and returned the goods to Bello Distributors. Bello Distributors granted Fortuna a $ purchase return.
June Fortuna paid Bello Distributors the amount owing.
Additional information for Bello Distributors:
The cost of the merchandise sold on June was $
The cost of the merchandise returned on June was $
Questions:
a Journalize the June transactions for Fortuna Retailers.
b Journalize the June transactions for Bello Distributors.
Please give the answers in Table Format
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