Question
The following transactions took place at Science Supplies during May 2018. May 14 Sold merchandise on credit to Elements for 10,000, terms 2/10,n/30;cost of goods
The following transactions took place at Science Supplies during May 2018.
May 14 Sold merchandise on credit to Elements for 10,000, terms 2/10,n/30;cost of goods was 8500
May 14 Science Supplies paid 50 to ship the goods to Elements (FOB destination)
May 16 Elements returned $500(sales price) worth of merchandise purchased on May 14,cost of goods was $375, goods were returned to inventory
May 17 Received payment from Elements for the May 14 sale
May 18 Sold merchandise on credit to Litmus for 6000, terms 2/10,n/30;cost of goods was 3600
May 26 Litmus kept the merchandise purchased on May 18, however, some of it was defective so science supplies agreed to a 50% allowance on the total sale
May 31 Received payment from Litmus for the May 18 sale
Journalize the above transactions assuming that science supplies uses a perpetual inventory system. Round all calculations to the nearest dollar.
Date | Account title and explanation | Debit | Credit |
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