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Nothing But Water is a retailer that sells swimsuits. The company reported the following retail transactions during April. Any policies on credit terms, discounts and
Nothing But Water is a retailer that sells swimsuits. The company reported the following retail transactions during April. Any policies on credit terms, discounts and allowances are precisely followed on both purchases and sales. Nothing But Water uses the perpetual inventory system. Prepare journal entries to record each transaction for Nothing But Water. Purchased on account 10 swimsuits each costing $200 from SKIMS, F.O. B. destination, terms 1/10,n/30. Freight cost $30 and was Sold one of the SKIMS swimsuit bought on April 1st to a customer in-store for $750 on account, terms 2/10, n/45. (Remember: The enmnanv ucec the nernetual inventorv sucteml Purchased eight boardshorts from Ralph Lauren,each costing $500 on account, F.O. B. shipping point, terms 2/10, n/30. Ralph Lauren paid the $240 freight first and agreed to add it to the invoice. No discount is permitted on the freight charges
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