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Prepare journal entries for March 2014 to record the following transactions for Gulf Corp. Assume a perpetual inventory system. Enter the transaction letter as the
Prepare journal entries for March 2014 to record the following transactions for Gulf Corp. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan).
- March 3: Gulf Corp. sold merchandise to Segura Corporation that cost $4,720 for $5,900 cash.
- March 7: Gulf Corp.'s merchandise was sold to Courtland Corp. for $8,100 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $6,885.
- March 12: Gulf Corp. sold merchandise to Bentley Inc. for $8,300 under credit terms of 2/10, n/90, FOB shipping point. The merchandise had cost $6,640.
- March 24: Issued a $2,000 credit memorandum to Courtland Corp. for an allowance on goods sold on March 7.
- March 29: Received the balance due from Courtland Corp. for the sale dated March 7.
- March 29: Received Bentley Inc.'s payment of the amount due from the March 12 sale.
Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry.
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