Question
The following transactions occurred during the month of October for Bella Boutique. Oct. 1 Sold merchandise on credit for $2,000, terms 2/10, n/30. The items
The following transactions occurred during the month of October for Bella Boutique.
Oct. 1 | Sold merchandise on credit for $2,000, terms 2/10, n/30. The items sold had a cost of $1,500. |
3 | Purchased merchandise for cash, $720. |
4 | Purchased merchandise on credit for $1,600, terms 3/20, n/30. |
5 | Issued a credit memorandum for $1,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $510. |
10 | Received payment for merchandise sold October 1. |
15 | Received a credit memorandum from the seller for the return of faulty merchandise purchased on October 4 for $600. |
18 | Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) |
23 | Paid for the merchandise purchased October 4 less the portion that was returned. |
Required: Prepare the general journal entries to record these transactions.
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