Accounting Graded Lesson 13 Part B

Oct 6th, 2015
RockCafe
Category:
Accounting
Price: $5 USD

Question description

The Bix Co. had the following transactions involving the purchase of merchandise.Prepare the necessary general journal entries. Any applicable freight cost are prepaid by the seller. The perpetual inventory method is uesed.

June 16 Purchased merchandise having a price of 6000.00from the Shelby Manufacturing Co. on account with credit terms 10, n/30. Transportation terms F.O.B destination.

June 16 Purchased merchandise having A price of 9000.00 from the Ajax supply House on account with credit terms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.00.

June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.

June 25 Paid Shelby the amount oewd.

June 28 Pai Ajax the amount owed.

June 30 returned for cash, merchandise with an invoice price of $400 to Shelby.

Prepare the necessary general journal entry for june 16, Purchased merchandise having a price of $6000 from Shelby manufacturing Co. on account with credit terms 2/10, n/30. Transportaion terms F.O.B destionation.

Prepare the necessry general journal entry for June 17, receive the goods from Shelby.

Prepare the necessary general journal entry for june 25

Prepare the necessary general journal entry for June 28


 

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