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Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham
Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Assume that all discounts are taken. Journalize Statham Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable-Bloomingdale Co. Sales 144,648 144,648 Cost of Merchandise Sold 88,600 Merchandise Inventory 88.600 (b) Cash x 144,648 X Accounts Receivable-Bloomingdale Co. X 144,648 X (c) Accounts Payable x 58,448 X Sales Returns and Allowances X 58.448 X Journalize Bloomingdale Co.'s entries for the (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Payable-Statham Co. X 58.448 X Cash x 58.448 X (b) Merchandise Inventory X 88,600 X Cash 88,600 x Feedback
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