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Journalize, without explanations, the following transactions of River Valley Gift and Collection, a wholesaler that uses the perpetual inventory system, during the month of June
Journalize, without explanations, the following transactions of River Valley Gift and Collection, a wholesaler that uses the perpetual inventory system, during the month of June 2023:
June 3
Purchased $22,000 of inventory from a manufacturer under terms of 2/10, n/eom and FOB shipping point.
June 7
Returned $4,100 of defective merchandise purchased on June 3.
June 9
Paid freight bill of $930 on June 3 purchase.
June 10
Sold inventory for $19,000 to a retail store, collecting cash of $2,800. Payment terms on the remainder were 1/15, n/30. The goods cost River Valley Gift and Collection $11,400.
June 12
Paid amount owed on credit purchase of June 3.
June 16
Granted a sales allowance of $1,600 on the portion of the June 10 sale that was on account.
June 23
Received cash from June 10 customer in full settlement of the debt.
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