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The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:
Mar. 2. | Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. |
3. | Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. |
4. | Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. |
5. | Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. |
12. | Received check for amount due from Equinox Co. for sale on March 2. |
14. | Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350. |
16. | Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000. |
18. | Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900. |
19. | Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $5,000. |
26. | Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. |
Mar. 28. | Received check for amount due from Vista Co. for sale of March 19. |
31. | Received check for amount due from Empire Co. for sale of March 4. |
31. | Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination. |
Apr. 3. | Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March. |
15. | Paid $6,544 to state sales tax division for taxes owed on sales. |
Journalize the entries to record the transactions of Amsterdam Supply Co.
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