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July 1 Purchased merchandise from Black Company for $6,200 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold
July 1 Purchased merchandise from Black Company for $6,200 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Coke Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $517. 3 Paid $135 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,500 for $1,900 cash. 9 Purchased merchandise from Lane Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $400 credit memorandum from Lane Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Coke Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Black Company within the discount period. 19 Sold merchandise that cost $900 to AKP Co. for $1,350 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Issued a $225 credit memorandum to AKP Co. for an allowance on goods sold on July 19. 24 Paid Lane Co. the balance due after deducting the discount. 30 Received the balance due from AKP Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $5,000 to Coke Co. for $7,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Prepare journal entries to record the above merchandising transactions of Bask Company, which applies the perpetual inventory system. (Identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Black.) (Round your answers to nearest dollar amount. Omit the "S" sign in your response.) As indicated, all payments received the eligible discounts. Date General Journal July 1 Merchandise inventory Accounts payable-Black Accounts receivable-Coke Debit Credit 6200 6200 1000
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