Question
Prepare the necessary journal entries to record the following transactions, assuming Athleisure Company uses a perpetual inventory system. You may omit the explanations to the
Prepare the necessary journal entries to record the following transactions, assuming Athleisure Company uses a perpetual inventory system. You may omit the explanations to the journal entries.
June 1 Athleisure sold $75,000 of merchandise to Jones Company, terms 1/10, n/30, FOB shipping point. The merchandise cost $42,000.
June 2 Athleisure purchased $61,000 of merchandise from Marshall Inc., terms 2/15, n/30, FOB destination.
June 3 Jones Company returned $6,000 of merchandise to Athleisure. The merchandise returned cost $3,900.
June 10 Athleisure received payment from Jones Company.
June 12 Paid Marshall Inc. for the June 2nd purchase.
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