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The following are transactions for Chandler Fashions for the month of June. June 2 Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB
The following are transactions for Chandler Fashions for the month of June. June 2 Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB shipping point from Flower Manufacturing. The merchandise had a cost of $12,000 June 7 Returned defective merchandise to Flower Manufacturing with invoice price of $4,000. June 8 Paid the freight charges on the purchase from Flower Manufacturing in cash for $200. June 9 Sold merchandise to Trendy Store on account for $10,000 with terms 2/15, n/60 FOB shipping point. Cost of the merchandise sold was $6,000. June 10 Paid Flower Manufact the balance on accou June 12 Granted sales allowance of $1,000 to Trendy Store for defective merchandise. June 23 Collected balance owing from Trendy Store. June 27 Purchased 500 items of inventory, terms 1/15, n/30, FOB destination from Sparkle Co. The merchandise had a cost $2,000. June 30 Paid for the merchandise from Sparkle Co. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions OMIT Explanations. Date Debit Credit Select All Smart Lookup
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