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journalize purchase and sale transactions PART THREE Journalize purchase and sales transactions. Journalize the following transactions for Cohen Art Shop Explanations are not required. March
journalize purchase and sale transactions
PART THREE Journalize purchase and sales transactions. Journalize the following transactions for Cohen Art Shop Explanations are not required. March 3, 2020 Purchased $4,000 of merchandise inventory on account under term 3/10- n/EOM And FOB Shipping Point. March 7, 2020 Returned $1000 of defective merchandise purchased on March 3, 2020. March 9, 2020 Paid freight bill of $500 for the merchandise bought on March 3, 2020. March 10, 2020 Sold merchandise inventory on account for $5,000. Payment terms were 2/15, n30. The goods cost the company $2500. March 12, 2020 Paid amount owed on credit purchase of March 3, less the return and the discount. April 1, 2020 Received cash from the March 10, 2020 customer in full settlement of their debt Step by Step Solution
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