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JouProblem 4 - 1 A ( Algo ) Preparing journal entries for merchandising activities LO P 1 , P 2 Prepare journal entries to record
JouProblem A Algo Preparing journal entries for merchandising activities LO P P
Prepare journal entries to record the following merchandising transactions of Cabelas which uses the perpetual inventory system and the gross method.
July Purchased merchandise from Boden Company for $ under credit terms of n FOB shipping point, invoice dated July
July Sold merchandise to Creek Company for $ under credit terms of n FOB shipping point, invoice dated July The merchandise had cost $
July Paid $ cash for freight charges on the purchase of July
July Sold merchandise that had cost $ for $ cash.
July Purchased merchandise from Leight Company for $ under credit terms of n FOB destination, invoice dated July
July Returned $ of merchandise purchased on July from Leight Company and debited its account payable for that amount.
July Received the balance due from Creek Company for the invoice dated July net of the discount.
July Paid the balance due to Boden Company within the discount period.
July Sold merchandise that cost $ to Art Company for $ under credit terms of n FOB shipping point, invoice dated July
July Gave a price reduction allowance of $ to Art Company for merchandise sold on July and credited Art's accounts receivable for that amount.
July Paid Leight Company the balance due, net of discount.
July Received the balance due from Art Company for the invoice dated July net of discount.
July Sold merchandise that cost $ to Creek Company for $ under credit terms of n FOB shipping point, invoice dated July ated July
Note: Enter debits before credits.
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