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prepare journal entries for Zhu Company under the perpetual inventory system 1 Purchased merchandise on account from YangCompany at a cost of $45,000, FOB destination,
prepare journal entries for Zhu Company under the perpetual inventory system
1 Purchased merchandise on account from YangCompany at a cost of $45,000, FOB destination, terms 1/15,n/30. 2 The correct company paid $2,000 of freight charges to Trucking Compary on the September 1 merchandise purchase. 5 Retumed for credit $3,000 of damaged goods purchased from YangCompany on September 1. 15 Sold the remaining merchandise purchased from Yang Company to Singh Company for $70,000, terms 2/10,n/30, FOB destination. 16 The correct company paid $1,800 of freight charges on the September 15 sale of merchandise. 17 Issued SinghCompany a credit of $5,000 for returned goods. These goods had cost Zhu Company $3,000 and were retumed to inventory. 25 Recelved the balance owing from Singh Company for the September 15 sale. 30 Paild YangCompany the balance owing for the September 1 purchase. 1 Purchased merchandise on account from PatcsiliCompany at a cost of $62,000, terms 2/10,n/30, FOB shipping point. 2 The correct company paid freight costs of $1,100 on the October 1 purchase. 3 Obtained a purchase allowance of $2,000 from PatcsilCompany to compensate for some minor damage to goods purchased on October 10 Paid PatcsillCompany the amount owing on the October 1 purchase. 11 Sold all of the merchandise purchased from PatcsiliCompany to LeungCompany for $84,500, terms 2/10,n/30, FOB shipping point. 12 The correct company paid $800 freight costs on the October 11 sale. 17 Issued Leung Company a sales allowance of $1,500 because some of the goods did not meet Kleso's exact specifications. 31 Recelved a cheque from Leung Company for the balance owing on the October 11 sale Step by Step Solution
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