The following selected transactions were completed during September between Covey Company and Muse Company: Sept. 8 Sept. 21 Sept. 24 Sept. 26 Sept. 30 Sales and Purchase Related Transactions for Seller and Buyer Instructions: Covey Company sold merchandise on account to Muse Company, $18,250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000. Transportation costs of $400 for delivery of the merchandise was paid by the appropriate party. Muse Company paid Covey Company for purchase of Sept. 8. Covey Company sold merchandise on account to Muse Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000. Muse Company paid transportation charges of $375 to XYZ Shipping Company for the Sept. 24 purchase from Covey Company. Muse Company paid Covey Company for purchase of Sept. 24th. Record in accounting equation format (as we've done in class) each of the transactions for: A. the Seller (Covey Company) B. The buyer (Muse Company) Tip: Record each transaction as though you are the seller --- then take a break (get up and move around) and when you sit back down, assume you are a different person, and on the back side of the paper, record all the transaction as though you are the buyer. Remember, you would always only record the transactions for one party or the other, but in this problem, you are taking on the role of the accountant first for the seller....... and then pretending you are the accountant for the buyer. If you try to record each transaction for both as you go, it can get very confusing.

Sales and Purchase Related Transactions for Seller and Buyer The following selected transactions were completed during September between Covey Company and Muse Company: Sept. 8 Covey Company sold merchandise on account to Muse Company, $18,250, terms FOB destination, 2/15,n/eom. The cost of the merchandise sold was $10,000. Transportation costs of $400 for delivery of the merchandise was paid by the appropriate party. Sept. 21 Muse Company paid Covey Company for purchase of Sept. 8. Sept. 24 Covey Company sold merchandise on account to Muse Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000. Sept. 26 Muse Company paid transportation charges of $375 to XYZ Shipping Company for the Sept. 24 purchase from Covey Company. Sept. 30 Muse Company paid Covey Company for purchase of Sept. 24th. Instructions: Record in accounting equation format (as we've done in class) each of the transactions for: A. the Seller (Covey Company) B. The buyer (Muse Company) Tip: Record each transaction as though you are the seller --- then take a break (get up and move around) and when you sit back down, assume you are a different person, and on the back side of the paper, record all the transaction as though you are the buyer. Remember, you would always only record the transactions for one party or the other, but in this problem, you are taking on the role of the accountant first for the seller. and then pretending you are the accountant for the buyer. If you try to record each transaction for both as you go, it can get very confusing. Sales and Purchase Related Transactions for Seller and Buyer The following selected transactions were completed during September between Covey Company and Muse Company: Sept. 8 Covey Company sold merchandise on account to Muse Company, $18,250, terms FOB destination, 2/15,n/eom. The cost of the merchandise sold was $10,000. Transportation costs of $400 for delivery of the merchandise was paid by the appropriate party. Sept. 21 Muse Company paid Covey Company for purchase of Sept. 8. Sept. 24 Covey Company sold merchandise on account to Muse Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000. Sept. 26 Muse Company paid transportation charges of $375 to XYZ Shipping Company for the Sept. 24 purchase from Covey Company. Sept. 30 Muse Company paid Covey Company for purchase of Sept. 24th. Instructions: Record in accounting equation format (as we've done in class) each of the transactions for: A. the Seller (Covey Company) B. The buyer (Muse Company) Tip: Record each transaction as though you are the seller --- then take a break (get up and move around) and when you sit back down, assume you are a different person, and on the back side of the paper, record all the transaction as though you are the buyer. Remember, you would always only record the transactions for one party or the other, but in this problem, you are taking on the role of the accountant first for the seller. and then pretending you are the accountant for the buyer. If you try to record each transaction for both as you go, it can get very confusing