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Search (Option Q References Review View Help Table ut 14 AAB Editing Prepare journal entries to record the following merchandising transactions of Henry Company, which
Search (Option Q References Review View Help Table ut 14 AAB Editing Prepare journal entries to record the following merchandising transactions of Henry Company, which applies the perpetual inventory system and the gross method of recording invoices. Henry Company offers all of its credit customers credit terms of 2/10, n/30. June 1 June 2 June 3 June 4 June 6 Purchased merchandise from Jacob Company for $9,000 under credit terms of 1/10, n/30, FOB shipping point, invoice dated June 1. Purchased merchandise from Wave Company for $11,000 under credit terms 2/05, n/20, FOB destination. Sold merchandise to DDB Company for $7,500, FOB shipping point, invoice dated June 4. The merchandise had cost $4,000. Paid $300 cash for the freight charges on the June 1 purchase of merchandise. Received an $600 credit memorandum from Jacob Company for the return of part of the merchandise purchased on June 1. June 6 Paid Wave Company the balance due within the discount period Sold merchandise to Dineen Company for $4,500, FOB shipping point, invoice dated June 10. The merchandise had a cost of $2,500 June 8 June 10 June 12 June 14 June 16 Paid Jacob Company the balance due within the discount period Received the balance due from DDB Company within the discount period Issued a credit $300 credit memorandum to Dineen Company for an allowance on defective merchandise Pecos On Ed Received the balance due from Dincen Company within the discount period. 55 "W D G B
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