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Need to make a journal entries 26. On October 7, sold merchandise to FF on account $220,000, term 2/10, n/30, FOB shipping point. 27. On
Need to make a journal entries
26. On October 7, sold merchandise to FF on account $220,000, term 2/10, n/30, FOB shipping point. 27. On October 16, FF paid off its balance before the discount period has lapsed. 28. On November 9, purchased merchandise from PP $400,000, terms 2/10, n/30. 29. On November 12, returned $30,000 of merchandise to PP and received credit. 30. On November 18, paid off the balance to PP before the 2% cash discount has expired. 31. On December 5, declared cash dividends of $60,000. 32. On December 26, paid cash dividends totaling $60,000 to stockholders. 33. On December 28, sold merchandise to AA for $90,000, term 2/10, n/30, FOB shipping point. 34. On December 29, purchased merchandise from QQ $160,000, terms 2/10, n/30. 35. Over the year, sales and office employees earned $120,000 in salaries and wages, of which $15,000 remained pa 36. Depreciation expense for the year was $80,000.
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