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Old MathJax webview company uses perpetual inventory system. Record the Transactions. Paid a supplier an amount owing of $224,000, taking the full discount, terms 2/10,n/30.
Old MathJax webview
company uses perpetual inventory system. Record the Transactions.
Paid a supplier an amount owing of $224,000, taking the full discount, terms 2/10,n/30. Purchased merchandise from a supplier, $336,000, terms 2/10,n/30, FOB destination. Recorded cash sales, $319,200. The cost of goods sold for these sales was $224.000. Returned scratched merchandise to the supplier from the March 5 purchase, $28,000. The appropriate company paid freight for the March 5 purchase, $8,400. Sold $224,000 of merchandise on account, terms 2/10, n/30, FOB destination. The cost of goods sold was $156,800. Management estimated that sales returns will be 12% of sales. The appropriate company paid freight for the March 9 sale, $5,600. Ordered custom merchandise for a local designer totalling $56,000. Received $14,000 as a deposit. Accepted returned merchandise from the sale on March 9, $22,400. The cost of the goods returned to inventory was $15,680. Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. Paid salaries of $50.400. Recorded cash sales, $285,600. The cost of goods sold for these sales was $200,480. No returns were anticipated related to these sales. Paid salaries of $56,000. Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Paid rent. $5,600Step by Step Solution
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