Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How to journalisze? The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers.

image text in transcribed How to journalisze?
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18, 900, terms FOB destination. 1/10, n/30. The cost of the goods sold was $13, 300. 3 Sold merchandise for $11, 350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55, 400, terms FOB shipping point, n/eom. The cost of the goods sold was $33, 200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19, 400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards, $13, 700. The cost of the goods sold was $8, 350. 16 Sold merchandise on account to Targhee Co., $27, 500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000. 18 Issued credit memo for $4, 800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2, 900

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

More Books

Students also viewed these Accounting questions