Question
I have an exam tomorrow and my professor didn't give us the answersheet to the review questions and I just want to make sure I
I have an exam tomorrow and my professor didn't give us the answersheet to the review questions and I just want to make sure I did it right so I feel better about the test. Could you show me the correct answers for this problem so I can match them to my answers and see what I got wrong.
Journal Entry using the perpetual method
Nov. 2 Syracuse Co., sold merchandise on account to Beecher Co., $16,000, terms FOB shipping point, 2/10, n/30. Freight charges of $375 were paid by the Syracuse Co., and added to the invoice. The cost of the merchandise sold was $10,000.
Nov. 8 Syracuse Co., sold merchandise on account to Beecher Co., for $24,750, terms FOB destination, with credit terms of 1/15, n/eom. The cost of the merchandise sold was $14,850.
Nov. 8 Syracuse Co., paid freight of $640 for delivery of merchandise sold to Beecher So., on November 8.
Nov. 12 Beecher Co., returned $5,750 of merchandise purchased on account on November 8 from Syracuse Co. The cost of merchandise returned was $3,000.
Nov. 12 Beecher Co., paid Syracuse Co., for purchased of November 2, less discount.
Nov. 23 Beecher Co., paid Syracuse Co, for purchase of November 8, less discount and less return of November 12.
Nov. 24 Syracuse Co., sold Beecher Co., merchandise on account, $13,200 terms FOB shipping point n/eom. The cost of merchandise sold was $8,000.
Nov. 26 Beecher Co., paid freight of $290 on November 24 purchase from Syracuse Co.
Nov. 30 Beecher Co., paid Syracuse Co., on account for purchase of November 24
The homework I did the other day I got three of the entries wrong and I really need to do well in this class because I'm going from an A- student to C+ student and I really need a better grade to keep my scholarships
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