Question
Transactions that took place during the month of April for Cherry Merchandising Company are as follows. Journalize the transactions of Cherry Merchandising Company. April 3
Transactions that took place during the month of April for Cherry Merchandising Company are as follows. Journalize the transactions of Cherry Merchandising Company.
| April 3 | Purchased 4,000 units of merchandise for $ 400,000, n/30; 3/10,FOB Destination. |
| April 7 | Purchased 2,000 units of merchandise for $ 200,000, n/45; 5/10, FOB Shipping point. Paid $200 for transportation. |
| April 12 | Paid for the merchandise purchased on April 3. |
| April 15 | Sold 600 units of merchandise-purchased on April 3, for $120,000, n/30; 4/10, FOB Destination. Paid $450 for the transportation. |
| April 18 | Received payment from the sale of April 15. |
| April 20 | Sold 900 units of merchandise-purchased on April 7- for $ 180,0000; n/45; 5/10 FOB Shipping Point. |
| April 30 | Paid for the merchandise purchased on April 7. |
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Analysis for Financial Management
Authors: Robert Higgins
11th edition
77861787, 978-0077861780
