Question
Journalize these following transactions in the account of Bestform Trading during March. Mar. 1 Sold goods on account to Manjit Trading, 4,520, terms 2/10, n/30.
Journalize these following transactions in the account of Bestform Trading during March.
Mar. 1 Sold goods on account to Manjit Trading, 4,520, terms 2/10, n/30.
3 Purchased goods on account from Bala Trading, 10,000, terms FOB destination, terms 1/10, n/30, transportation costs of 500.
4 Received goods returned by Manjit Trading from sale on March 1, 1,360.
5 Purchased goods on account from Spectrum Wholesalers, list price 18,000, trade discount 35%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $620 added to the invoice.
7 Returned 2,800 of goods purchased on March 3 from Bala Trading.
9 Sold goods for cash, 8,250.
10 Sold goods on account to Hillview Traders, list price 7,000, trade discount 35%, terms 2/10, n/30.
13 Paid Bala Trading for purchase of March 3, less return of March 7 and discount.
15 Paid Spectrum Wholesalers for purchase of March 5.
20 Received cash from sale of March 10 to Hillview Traders.
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