Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey, so i am working on my assignment 4 principle of accounting.. My questions is for Part B #4. https://www.coursehero.com/file/26835134/A02E-Assignment-4-Principle-of-Accounting-7docx/#/quiz Part B (15 points each

Hey, so i am working on my assignment 4 principle of accounting.. My questions is for Part B #4. https://www.coursehero.com/file/26835134/A02E-Assignment-4-Principle-of-Accounting-7docx/#/quiz

Part B (15 points each for a possible total of 60 points)

The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method is in use.

June 16 Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 10, n/30. Transportation terms F.O.B destination.

June 16 Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.

June 17 Received the goods from Shelby.

June 17 Received the goods from Ajax.

June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.

June 25 Paid Shelby the amount owed.

June 28 Paid Ajax the amount owed.

June 30 Returned for cash, merchandise with an invoice price of $400 to Shelby.

I need to prepare the necessary general journal entry for June 28

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Davis, Charles E., Elizabeth

1st Edition

0471699608, 978-0471699606

More Books

Students also viewed these Accounting questions

Question

why you want to attend graduate school in general;

Answered: 1 week ago

Question

Peoples understanding of what is being said

Answered: 1 week ago

Question

The quality of the proposed ideas

Answered: 1 week ago