Merchandise Inventory

Transactions $2$

Journal Entries

Mar. Sold merchandise on account to Equinox Co$.,$ $$18,900,$ terms FOB

$2.$ destination, $\frac{1}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$13,300.$

$3.$ Sold merchandise for $$11,350$ plus $6\%$ sales tax to retail cash customers. The cost of merchandise sold was $$7,000.$

$4.$ Sold merchandise on account to Empire Co$.,$ $$55,400,$ terms FOB shipping point, $\frac{n}{?}$ eom. The cost of merchandise sold was $$33,200.$

$5.$ Sold merchandise for $$30,000$ plus $6\%$ sales tax to retail customers who used MasterCard. The cost of merchandise sold was $$19,400.$

$12.$ Received check for amount due from Equinox co$.$ for sale on March $2.$

$14.$ Sold merchandise to customers who used American Express cards, $$13,700.$ The cost of merchandise sold was $$8,350.$

$16.$ Sold merchandise on account to Targhee Co$,$ $$27,500,$ terms FOB shipping point, $\frac{1}{10},\frac{n}{30}.$ The cost of merchandise sold was $$16,000.$

$18.$ Issued credit memo for $$4,800$ to Targhee Co$.$ for merchandise returned from sale on March $16.$ The cost of the merchandise returned was $$2,900.$

$19.$ Sold merchandise on account to Vista C$0.,$ $$8,250,$ terms FOB shipping point, $\frac{2}{10},\frac{n}{30}.$ Added $$75$ to the invoice for prepaid freight. The cost of merchandise sold was $$5,000.$

$26.$ Received check for amount due from Targhee Co$.$ for sale on March $16$ less credit memo of March $18.$

Mar. Received check for amount due from Vista Co$.$ for sale of March $19.$

$28.$

$31.$ Received check for amount due from Empire Co$.$ for sale of March $4.$

$31.$ Paid Fleetwood Delivery Service $$5,600$ for merchandise delivered during March to customers under shipping terms of FOB destination.

Apr. $3$ Paid City Bank $$940$ for service fees for handling MasterCard and American Express sales during March.

$15.$ Paid $$6,544$ to state sales tax division for taxes owed on sales.