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Prepare the journal entry for the following transactions for Famous Company. Famous Company is a merchandising company that trades in electronic devices. Aug 1
Prepare the journal entry for the following transactions for Famous Company. Famous Company is a merchandising company that trades in electronic devices. Aug 1 Aug 3 Aug 7 Aug 9 Aug 10 Aug 27 Aug 30 points Purchased machinery at a cost of 4,000 BD by paying 1,000 BD cash and issuing a note for the remainder. Purchased 5,000 BD of merchandise inventory and immediately paid 5,000 BD cash. Sold 3,000 BD worth of merchandise inventory to Relief Company on credit. The agreed selling price was 10,000 BD. Credit terms are 3/10, n/30, FOB shipping point. Paid 5000D for insurance policy starting from September 1. Established 600BD petty cash fund. Famous Company received all the amount due from Relief Company. The petty cash fund shows 368BD in cash along with receipts for the following expenditures: transportation-in, 11980 and postage expenses, 11380. The accounting department recorded the expenditures and reimbursed the fund. Write the journal entry in the following format: [This is just an example and is not related to the question] Jan 1 Dr. Cash 250 Cr. Service revenue. 250 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 10pt EY I. H r 12 BIUS Paragraph Arial HE x x T - ick Save and Submit to save and submit. Chick Save All Answers to save all answers. Save All Angevers Save an
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