Question
Prepare general journal entries to record the following transactions of Pine Ridge Company: 2023 June 1 Sold Merchandise to Wolf Creek Co. for $9,500; terms
Prepare general journal entries to record the following transactions of Pine Ridge Company:
2023 |
|
|
June | 1 | Sold Merchandise to Wolf Creek Co. for $9,500; terms 2/5, n30, FOB destination. Cost of sales; $6,650. |
| 2 | Purchased $4,900 of merchandise from Meadow Lakes Golf Club; terms 1/10, n20, FOB shipping point. |
| 6 | Collected the amount owing from Wolf Creek Co. regarding the June 1 sale. |
| 12 | Paid Meadow Lakes Golf Club for the June 2 purchase. |
| 30 | Accepted a $15,000, six month, 4.5% note dated today from Mary Lake in granting a time extension on her past-due account. |
|
|
|
Aug. | 31 | Adjusted the books for the interest due on the Mary Lake note. |
|
|
|
Dec | 31 | Mary Lake honored her note when presented for payment. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started