Journal Entry

Journalize, without explanafions, the following transactons of Serendipity Fashions, a wholesaler that uses the perpetual inventory system, during the month of June 2017: Jun 3 Purchased $30.000 of invertory from a manufacturer under torms of 1/10, nleom and FOB shipping point. 7 Returned $3,500 of defective merchandise purchased on June 3 . 9 Paid freight bill of $890 on June 3 purchase. 10 Sold inventory for $27,000 to a retail store, collecting cash of $2,800. Payment terms on the remainder were 1/15, n/30. The goods cost Serendipily Fashions $16,200, 12. Paid amount owed on credit purchase of June 3 . 16. Granted a sales allowance of $1,600 on the portion of the June 10 sale that was on account. 23 Received cash from June 10 customer in full settlement of the debt. Jun 3. Purchased $30,000 of inventory from a manufacturer under terms of 1/10, n/eom and Fod shipping point. (Record debits first, then credits. Exelude axplanations from journa entries. Round all answers to the nearest whole dellar.) Jun 7. Retumed 53.500 of defective merchandise purchased on June 3 . 16 Granted a sales allowance of 51,600 on the porbion of the sune 10 sale that was on account. 23 Peceived cash from Jume 10 customer in full seldement of the debt, Jun 9. Peid freight bil of $890 on June 3 purchase, Joumaliaf, without explanations, the foliowing transactions of Serendpily Fashions, a wholesaler that usos the perpetual inverlory system, during the mont of June zo17: Jun 3 Purchased $30,000 of ifwentory trom a manutacturor under serms of 1/10, njeom and fo8 shipping point 7 Returned $3.500 of defective merchandise purchased on June 3. 9. Paid froight bil of $890 on June 3 purchase. 10 Sold inventory for $27,000 to a retail store, collocting cash of $2,800. Payment terms en the remaindet were 1/15, n/30. The goods coat Serendipty Fashions St6,200. 12 Paid amount owed on credit purchase of June 3. 16 Granted a sales allowance of $1,600 on the portion of the June 10 sale that was on account. 23 Received cash from June 10 customer in ful settlement of the debt. Now, record the cost of goods sold on dune 10h. Jun 12. Paid amount owed on credit purchase of June 3 . Jun 16. Granted a sares allewance of 51.600 on the bericen of the Jure 10 sale that was on account. Journalize, without explarations, the following transactions of Serendipity Fashions, a wholesaler that uses the perpetual invertiory system, during the morth of June 2017: Jun 3 Purchased $30,000 of inveniory from a manufacturer under terms of 1/10, nieom and FOB ahipping point. 7 Returned $3,500 of defective merchandise purchased co June 3 . 9 Paid freight bii of $890 on dune 3 purchaso. 10 Sold inventory for $27,000 to a retail store, collectine cash of $2,800, Payment terms ca the remainder were 1/15, n/30. The goods cont Serondipay Fanhions $16,200. 12 Paid anount owed on credit purchase of June 3. 16 Granted a sales alowance of $1,600 on the portion of the Jure 10 sale that was on account. 23 Recoived cash frem June 10 customer in full setlement of the debt: Jun 16. Granted a sales allowanoe of $1,600 on the portion of the June 10 sale that was ch account. Jun 23. Recoived cash from dune 10 customer in full settlement of the debt. (1) Time Remaining: 0143:26