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The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. DATE TRANSACTIONS July 1 Purchased
The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system.
DATE | TRANSACTIONS | ||
July | 1 | Purchased dresses for $4,400 plus a freight charge of $300 from Fashion Expo, Invoice 101, dated July 1 the terms are 2/10, n/30. | |
5 | Sold two dresses on account to Alice Chu, terms 1/10, n/30 issued Sales Slip 788 for $1,000. The cost of the dresses sold was $800. | ||
7 | Received Credit Memorandum 210 for $950 from Fashion Expo for damaged dresses returned the goods were purchased on Invoice 101 dated July 1. | ||
9 | Accepted a return of a dress from Alice Chu the dress was originally sold on Sales Slip 788 of July 5 issued Credit Memorandum 89 for $400. The cost of the returned dress was $240. | ||
10 | Issued Check 1255 to pay the amount due to Fashion Expo for Invoice 101, dated July 1, less the return of July 7 and less the cash discount. | ||
15 | Received payment from Alice Chu for the sale of July 5, less the return of July 9 and less the cash discount. | ||
15 | Recorded sales on credit cards for the two-week period ended July 15, $14,900 the bank charges a 3 percent fee on all credit card sales. The cost of merchandise sold was $11,900. | ||
17 | Purchased merchandise on account from Fashion Wholesalers for $5,000, subject to trade discounts of 40 percent and 10 percent, terms 1/10, n/30, Invoice 2078. | ||
26 | Paid amount owed to Fashion Wholesalers for the purchase of July 17, Check 1285. |
Record the transactions in a general journal. Analyze: What percentage of the total amount due to Fashion Expo on July 1 is due to the freight charge?
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