Question
Prepare the journal entries for each of the following: June 5 Purchased $12,000 of inventory on account with terms 2/10,n/30, FOB Shipping Point. June 7
Prepare the journal entries for each of the following:
June 5 Purchased $12,000 of inventory on account with terms 2/10,n/30, FOB Shipping Point.
June 7 Returned $2,000 of defective merchandise purchased on June 5.
June 8 Paid cash of $100 for the freight bill for the June 5 purchase.
June 10 Sold inventory on account for $8,000, terms 3/15,n/eom. The inventory cost $5,200.
June 12 The customer from June 10 returned $400 of merchandise. This merchandise cost the company $250.
June 15 Paid the amount owed for the June 5 purchase less the return of June 7.
June 22 Collected the amount due from the customer of June 10 less the return of June 12.
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Mindful Brand Auditing The New Way To Explore Brand Value
Authors: Kurt Gassner
1st Edition
3987939176, 978-3987939174
