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At the beginning of June 2021, Bridgeport Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,300, and D. Bridgeport, Capital $22,300. During the month of
At the beginning of June 2021, Bridgeport Distributing Company's ledger showed Cash $18,000, Merchandise Inventory $4,300, and D. Bridgeport, Capital $22,300. During the month of June, the company had the following selected transactions: June 1 Purchased $9,200 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination. 2 5 6 6 7 The correct company paid $230 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $12,000. The cost of the merchandise was $7,200 and the terms were 2/10, n/30, FOB destination. Issued a $900 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $540 and was returned to inventory. The correct company paid $290 freight on the June 5 sale. Purchased $760 of supplies for cash. Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company paid $140 freight costs on the purchase from Fey Wholesalers. Received a $250 credit from Fey Wholesalers for returned merchandise. Paid Sun Supply Co. the amount due. Collected the balance owing from Moose Jaw Retailers. Sold merchandise for $7,100 cash. The cost of this merchandise was $4,400. 10 10 12 14 15 19 !! 1 15 19 20 25 Tai Jun Jupply LU. LIIC CITIUUIIL Uuc. Collected the balance owing from Moose Jaw Retailers. Sold merchandise for $7,100 cash. The cost of this merchandise was $4,400. Paid Fey Wholesalers the balance owing from the June 10 purchase. Made a $510 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $316. The merchandise was damaged and could not be resold. Sold merchandise to Bauer & Company for $4,400, terms n/30, FOB shipping point. Bridgeport's cost for this merchandise was $2,700. 30 Record the transactions assuming Bridgeport uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) ate Account Titles and Explanation Debit Credit
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