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The following events pertain to Muscat Corporation for June 2017. Purchased $20,000 of merchandise inventory under terms 2/11, n/45. The goods that were purchased in
- The following events pertain to Muscat Corporation for June 2017.
- Purchased $20,000 of merchandise inventory under terms 2/11, n/45.
- The goods that were purchased in Event a were purchased FOB Shipping. The freight costs of $450 were paid in cash by the responsible party.
- Returned $2,500 of the merchandise purchased in Event a.
- Paid the amount duo on its account payable within the discount period.
- Sold merchandise for $35,000 to a customer on account which had a cost of $15,000.
- Customer in Event e returned $3,500 worth of goods that had a cost of $1,950.
- Paid selling and administrative expenses for $500 cash.
Required:
Prepare general journal for the above transactions. [10 Marks]
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