Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions