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Problem 2A (14 marks; 20 minutes) Fiona's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise
Problem 2A (14 marks; 20 minutes) Fiona's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $6,000, cost $4,000, terms 1/10, n/30, FOB Destination. The appropriate party paid the shipping cost of $200, with cash. Dec. 4 Purchased merchandise on credit for $4,600, terms 2/10, n/30, FOB Shipping Point. The appropriate party paid the shipping cost of $150, with cash. Dec. 5 Issued a credit memorandum for $500 to a customer who returned merchandise purchased Dec. 1, cost $300. Dec. 11 Received payment for merchandise sold Dec. 1 Dec. 12 Received a credit memorandum for $500 for the return of faulty merchandise purchased on Dec. 4. Required: Prepare general journal entries to record these transactions, using a periodic inventory system
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