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Prepare the journal entries to record the following sales transactions on Sarasota Corp.s books, assuming a periodic inventory system is used. (Credit account titles are
Prepare the journal entries to record the following sales transactions on Sarasota Corp.s books, assuming a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125.)
Jan. | 2 | Sarasota sold $48,300 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $27,048. | |
5 | The appropriate company paid freight costs of $700. | ||
6 | Xtra returned $5,800 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $3,248, and it was restored to inventory. | ||
11 | Sarasota received the balance due from Xtra. |
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