The following transactions took place at Fabulous Fashions Outlet during July $20$X$1.$ Fabulous Fashions Outlet uses a perpetual

inventory system.

DATE TRANSACTIONS

$20$X$1$

July $1$ Purchased dresses for $$4,200$ plus a freight charge of $$200$ from Funky Fashions, Invoice $101,$ dated July $1$;

the terms are $\frac{2}{10},\frac{n}{30}.$

$5$ Sold two dresses on account to Alice Rivera, terms $\frac{1}{10},\frac{n}{30}$; issued Sales Slip $788$ for $$700.$ The cost of

the dresses sold was $$560.$

$7$ Received Credit Memorandum $210$ for $$650$ from Funky Fashions for damaged dresses returned; the goods were

purchased on Invoice $101$ dated July $1.$

$9$ Accepted a return of a dress from Alice Rivera; the dress was originally sold on Sales Slip $788$ of July $5$;

issued Credit Memorandum $89$ for $$300.$ The cost of the returned dress was $$240.$

$10$ Issued Check $1255$ to pay the amount due to Funky Fashions for Invoice $101,$ dated July $1,$ less the return of

July $7$ and less the cash discount.

$15$ Received payment from Alice Rivera for the sale of July $5,$ less the return of July $9$ and less the cash

discount.

$15$ Recorded sales on bank credit cards for the two$-$week period ended July $15,$$$13,900$; the bank charges a $3$

percent fee on all credit card sales. The cost of merchandise sold was $$11,100.$

$17$ Purchased merchandise on account from American Rags with a list price of $$3,00,$ subject to trade discounts

of $40$ percent and $10$ percent, terms $\frac{1}{10},\frac{n}{30},$ Invoice $2078.$

$26$ Paid amount owed to American Rags for the purchase of July $17,$ less discount, Check $1285.$

Required:

Record the transactions in a general journal.

Analyze:

What percentage of the total amount due to Funky Fashions on July $1$ is due to the freight charge?

Complete this question by entering your answers in the tabs below.