Module 8 (Chapter 10 Appendix C) Assignment V1_ ED8_W The Oak Store uses a Sales Journal,...

Transcribed Image Text:

Module 8 (Chapter 10 Appendix C) Assignment V1_ ED8_W The Oak Store uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal and a General Journal. The Oak Store uses a perpetual inventory system. The following transactions occurred during June 2022: June 4 Purchased merchandise from Elm Co. for $7,500 under credit terms of 1/10, n/30, FOB factory. 6 Sold merchandise to Willow Co. for $6,200 under credit terms of 2/15, n/30, FOB destination.. The cost of the merchandise was $2,600. Invoice #2182. 9 Oak Store requested a price reduction on the June 4 purchase because the merchandise did not meet specifications. Elm Co. agreed to a $900 price reduction to resolve the issue. 10 Paid Unreliable Movers $350 with cheque #262 for shipping the merchandise to the customer for the June 6 sale. 12 Sold merchandise to Evergreen Co. for $1,500. Evergreen paid immediately. The merchandise cost $923. 13 Issued a credit memo regarding a $1,800 allowance granted to Willow Co. to cover defective merchandise sold on June 6th. 13 Paid the balance due to Elm Co. with cheque #263. 15 Purchased a $1,100 Office printer from Staples Inc. Terms Net 30. 18 Received Willow Co.'s payment of the amount due from the June 6 sale. Instructions: Record the above transactions in the appropriate journal in the data entry located in the Module 8 Learn Assessment Dropbox. Note: The General Journal is an all-purpose journal where we record any other transactions NOT recorded in the special journals (Sales, Receipts, Module 8 (Chapter 10 Appendix C) Assignment V1_ ED8_W The Oak Store uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal and a General Journal. The Oak Store uses a perpetual inventory system. The following transactions occurred during June 2022: June 4 Purchased merchandise from Elm Co. for $7,500 under credit terms of 1/10, n/30, FOB factory. 6 Sold merchandise to Willow Co. for $6,200 under credit terms of 2/15, n/30, FOB destination.. The cost of the merchandise was $2,600. Invoice #2182. 9 Oak Store requested a price reduction on the June 4 purchase because the merchandise did not meet specifications. Elm Co. agreed to a $900 price reduction to resolve the issue. 10 Paid Unreliable Movers $350 with cheque #262 for shipping the merchandise to the customer for the June 6 sale. 12 Sold merchandise to Evergreen Co. for $1,500. Evergreen paid immediately. The merchandise cost $923. 13 Issued a credit memo regarding a $1,800 allowance granted to Willow Co. to cover defective merchandise sold on June 6th. 13 Paid the balance due to Elm Co. with cheque #263. 15 Purchased a $1,100 Office printer from Staples Inc. Terms Net 30. 18 Received Willow Co.'s payment of the amount due from the June 6 sale. Instructions: Record the above transactions in the appropriate journal in the data entry located in the Module 8 Learn Assessment Dropbox. Note: The General Journal is an all-purpose journal where we record any other transactions NOT recorded in the special journals (Sales, Receipts,