Question
Question 2 Consider the following perpetual system merchandising transactions of Generda Company. Use a separate account for each receivable and payable; for example, record the
Question 2
Consider the following perpetual system merchandising transactions of Generda Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts ReceivableJasmin Inc.
June1Sold merchandise to Jasmin Inc. for $9,350; terms 2/5, n/15, FOB destination (cost of sales $6,500).
2Purchased $4,750 of merchandise from RodimSuppliers; terms 2/10, n/20, FOB shipping point.
4Purchased merchandise inventory from ConjureSales for $11,100; terms 3/15, n/45, FOB Conjure Sales.
5Sold merchandise to Bloodhound Inc. for $10,700; terms 1/5, n/15, FOB destination (cost of sales $7,550).
6Collected the amount owing from Jasmin Inc.regarding the June 1 sale.
12Paid Rodim Suppliers for the June 2 purchase.
20Collected the amount owing from Bloodhoundregarding the June 5 sale.
30Paid Conjure Sales for the June 4 purchase.
Prepare General Journal entries to record the above transactions.
| Date | Account Titles and Explanation | PR | Debit | Credit | |||
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Payroll Management 2020 Edition
Authors: Steven M. Bragg
1642210366, 978-1642210361
