Question
I would like to ask how can I make the following transactions? Because I am not sure about my answers are correct or not and
I would like to ask how can I make the following transactions? Because I am not sure about my answers are correct or not and I want to check with a tutor before I hand in. I understand it is a bit long but I hope someone can help and this is in a bit urgent. Please help! Thanks a lot.
PRINCE Company has the following opening account balances in its general and subsidiary ledgers on March 1st, 2020. The Company uses theperiodic inventory system. All accounts have normal debit and credit balances.
The following transactions take place in the month of March 2020.
16Purchased merchandise on account fromDeeBeeDee$15,000, terms 5/5, n/30.
17Paid $600 cash for office supplies.
18Returned $1,000 of inferior quality merchandise to DeeBeeDee and receive credit.
20Cash sales totaled $17,500.
22Received payment from Apple Green and Zooick.
22Paid Brothers Inc. $15,300, no discount taken.Also paid DeeBeeDee.
25Paid salaries of $8,300.
26Sold merchandise to SunWing, $16,800, terms 1/EOM, n/30.
31Received from Zooick a down payment of $10,000 for merchandise specifically ordered to its request.
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