Question
The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general journal entries. Any applicable freight costs are prepaid by
The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method is in use.
June 16 Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 10, n/30. Transportation terms F.O.B destination.
June 16 Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.
June 17 Received the goods from Shelby.
June 17 Received the goods from Ajax.
June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.
June 25 Paid Shelby the amount owed.
June 28 Paid Ajax the amount owed.
June 30 Returned for cash, merchandise with an invoice price of $400 to Shelby.
(1)Prepare the necessary general journal entry for June 16, Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30. Transportation terms F.O.B destination.
______________________________________________________________
______________________________________________________________
______________________________________________________________
(2)Prepare the necessary general journal entry for June 17, Received the goods from Shelby.
______________________________________________________________
______________________________________________________________
______________________________________________________________
(3)Prepare the necessary general journal entry for June 25.
______________________________________________________________
______________________________________________________________
______________________________________________________________
(4)Prepare the necessary general journal entry for June 28.
______________________________________________________________
______________________________________________________________
______________________________________________________________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Edexcel AS And A Level Mathematics Pure Mathematics Year 1/AS
Authors: Greg Attwood
1st Edition
129218339X, 978-1292183398
