Question :
195.Prepare journal entries to record the following merchandising transactions of : 1258817
195.Prepare journal entries to record the following merchandising transactions of Margin Company, Inc., which applies the perpetual inventory system. Margin Company, Inc. offers all of its credit customers credit terms of 2/10, n/30.
May 1Purchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1.
May 2Purchased merchandise from Bow Company for $10,600 under credit terms 2/05, n/20, FOB destination.
May 3Sold merchandise to Sting Company for $5,600, FOB shipping point, invoice dated May 4. The merchandise had cost $3,000.
May 4Paid $300 cash for the freight charges on the May 1 purchase of merchandise.
May 5Received an $800 credit memorandum from Craft Company for the return of part of the merchandise purchased on May 1.
May 6Paid Bow Company the balance due within the discount period.
May 8Sold merchandise to Skeet Company for $3,300, FOB shipping point, invoice dated May 8. The merchandise had a cost of $1,500.
May 11Paid Craft Company the balance due within the discount period.
May 13Received the balance due from Sting Company within the discount period.
May 14Issued a credit $300 credit memorandum to Skeet Company for an allowance on defective merchandise.
May 17Received the balance due from Skeet Company within the discount period.
196.Prepare journal entries to record the following merchandising transactions of Margin Company, Inc., which applies the perpetual inventory system. Margin Company, Inc. offers all of its credit customers credit terms of 2/10, n/30.
May 1Purchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1.
May 2Purchased merchandise from Bow Company for $10,600 under credit terms 2/05, n/20, FOB destination.
May 4Paid $300 cash for the freight charges on the May 1 purchase of merchandise.
May 5Received an $800 credit memorandum from Craft Company for the return of part of the merchandise purchased on May 1.
May 6Paid Bow Company the balance due within the discount period.
May 11Paid Craft Company the balance due within the discount period.
197.Prepare journal entries to record the following merchandising transactions of Margin Company, Inc., which applies the perpetual inventory system. Margin Company, Inc. offers all of its credit customers credit terms of 2/10, n/30.
May 3Sold merchandise to Sting Company for $5,600, FOB shipping point, invoice dated May 4. The merchandise had cost $3,000.
May 8Sold merchandise to Skeet Company for $3,300, FOB shipping point, invoice dated May 8. The merchandise had a cost of $1,500.
May 13Received the balance due from Sting Company within the discount period.
May 14Issued a credit $300 credit memorandum to Skeet Company for an allowance on defective merchandise.
May 17Received the balance due from Skeet Company within the discount period.
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Sweetums
