Question
Prepare General Journal entries to record the following perpetual system merchandising transactions of Goodfellas Group. Use a separate account for each receivable and payable. Feb
Prepare General Journal entries to record the following perpetual system merchandising transactions of Goodfellas Group. Use a separate account for each receivable and payable.
Feb 7 Sold merchandise to Harbison Co. for $21,000 under credit terms 2/10,n/60,
FOB destination. The merchandise had cost $17,500.
11 Paid $1,200 shipping charges related to the Feb 7 sale to Harbison Co.
12 Harbison returned merchandise from the Feb 7 sale that had cost $2,500
and been sold for $3,500. The merchandise was restored to inventory.
15 Received balance due from Harbison for the Feb 7 sale.
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