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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) Duly 1 Purchased merchandise fron Boden Company for $6,7e0 under credit terms of 2/15, n/3e, FOB shipping point, invoice dated uly 1, 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,088 for $2,400 cash. 9 Purchased merchandise from Leight Co. for $2, 380 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $300 credit menorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $1,e0e to Art Co. for $1,500 under credit terms of 2/15, n/6e, FoB shipping point, invoice dated uly 19. 21 Issued $250 credit memorandum to Art Co. for an alloance on goods sold on July 19. 24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 3i sold erchandise that cost 55,500 to Creek co. for 7,100 under credit terms of 2/1e, n/6e, Fo8 shipping point, invoice dated July 31. View transaction list Journal entry worksheet Prev 1 of 2 Next > re to search 0
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