Question
Journalize the following purchases and sales transactions for Manioc Corp. Assume Manioc uses a periodic inventory system. Omit entry explanations. Date Transaction Apr. 1. Purchased
Journalize the following purchases and sales transactions for Manioc Corp. Assume Manioc uses a periodic inventory system. Omit entry explanations. Date Transaction
Apr. 1. Purchased merchandise on account, list price $22,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4. Sold merchandise on account, $8,500, terms n/15.
6. Purchased merchandise on account, $18,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $140 added to the invoice.
8. Sold merchandise on VISA, $14,500.
8. Returned damaged merchandise, $800, purchased on April 6.
9. Paid for the merchandise purchased on April 1, less discount.
12. Received cash on account from the April 4 sale.
13. Paid for merchandise purchased on April 6, less return and discount.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started