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.
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.
_____________________________________ __________ __________
_____________________________________ __________ __________
_____________________________________ __________ __________
Prepare the necessary general journal entry for June 17, Received the goods from
Shelby.
_____________________________________ __________ __________
_____________________________________ __________ __________
_____________________________________ __________ __________
PRINCIPLES OF ACCOUNTING 1 51
Prepare the necessary general journal entry for June 25.
_____________________________________ __________ __________
_____________________________________ __________ __________
_____________________________________ __________ __________
Prepare the necessary general journal entry for June 28.
_____________________________________ __________ __________
_____________________________________ __________ __________
_____________________________________ __________ __________
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