Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following selected transactions were completed during June between Salinas Company and Brokaw Company: June 2. Salinas Company sold merchandise on account to Brokaw Company,
The following selected transactions were completed during June between Salinas Company and Brokaw Company:
June 2. | Salinas Company sold merchandise on account to Brokaw Company, $16,500, terms FOB shipping point, 2/10, n/30. Salinas Company paid freight of $445, which was added to the invoice. The cost of the merchandise sold was $10,400. |
8. | Salinas Company sold merchandise on account to Brokaw Company, $26,000, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $15,600. |
8. | Salinas Company paid freight of $660 for delivery of merchandise sold to Brokaw Company on June 8. |
12. | Brokaw Company returned $6,000 of merchandise purchased on account on June 8 from Salinas Company. The cost of the merchandise returned was $3,100. |
12. | Brokaw Company paid Salinas Company for purchase of June 2, less discount. |
23. | Brokaw Company paid Salinas Company for purchase of June 8, less discount and less return of June 12. |
24. | Salinas Company sold merchandise on account to Brokaw Company, $13,100, terms FOB shipping point, n/eom. The cost of the merchandise sold was $7,900. |
26. | Brokaw Company paid freight of $410 on June 24 purchase from Salinas Company. |
30. | Brokaw Company paid Salinas Company on account for purchase of June 24. |
Required:
1. Journalize the June transactions for Brokaw Company (the buyer). For a compound transaction, if an amount box does not require an entry, leave it blank.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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