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Persian Rug Co. has the tollowing business transactions during tebruary 2019. Please make journal entries to record these transactions (only record entries for Persian Rug
Persian Rug Co. has the tollowing business transactions during tebruary 2019. Please make journal entries to record these transactions (only record entries for Persian Rug Co.) 2/5 Persian Rug ordered 20 rugs from its supplier, Thread Corp. for $300 each. Thread Corp. sent Persia Rug an invoice for $6,000. Shipping term: FOB Shipping. Shipping cost is $500, Payment term 2/10, net 30 2/10 Persian Rug Co. ordered 10 rugs from another supplier, Tapestry Partners $500 per rug for a total of $5,000. Shipping term: FOB destination. Sales Tax was 6%. Shipping cost is $2,000. Payment term: net 30 2/12 Persian Rug Co. sold 25 rugs to Westin Hotel for total of $15,000. Shipping term: FOB destination; payment term 1/10; net 30. (these are 20 rugs bought from Thread Corp., on 2/5; Cost to Persian is $6,500 and 5 rugs bought from Tapestry Partners on 2/10; Cost to Persian is $2,500) 2/13 Westin Hotel returned 5 of the 25 rugs to Persian Rug Co.because the rugs are not the color Westin Hotel had ordered. These are the 5 rugs bought from Tapestry and cost Persian Co., $2,500) 2/14 Persian Rug Co., paid Thread Corp. the full amount of the invoice sent to the company on 2/5 by Threxd Corp 2/20 Westin Hotel paid the invoice Persian Rug Co., the invoice Persian Rug Co., sent it on 2/12 minus the returned made on 2/13 2/30 Persian Rug Co, paid Tapestry Partner the invoice in full Tapestry Partner sent to Persian Rug Co. on 2/10
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