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You are hired by Singer Supplies to help with entering all purchase and sales discounts for early payment at the time when the company make
You are hired by Singer Supplies to help with entering all purchase and sales discounts for early payment at the time when the company make their payments. Ignore any sales/excise taxes. (11 marks): Oct 7 Sold inventory costing $2,730 to Venture Corp on credit for $5,447. Terms 2/10 net 30. Oct 8 Purchased inventory costing $7,739 from Jones Wholesaler Co. on credit. Terms 1/10 net 30. Oct 13 Sent a payment to Jones Wholesaler Co. for $3,000 Oct 21 $707 of the merchandise sold on Oct 7 to Venture Corp was damaged and not salvageable. They want a credit on account. Oct 22 Singer Supplies discovered that $683 worth of merchandise is defective and returned it to Jones Wholesaler Co. for adjustment to the account. Oct 26 Venture Corp paid their account, for the full amount
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