archased merchandise from Aron Company for $10,000 under credit terms of 1/10, n/: ated August 1. old merchandise to Baird Corporation for $7,000 under credit terms of 2/10, n/60, ated August 5. The merchandise had cost $5,000. urchased merchandise from Waters Corporation for $9,000 under credit terms of 1/10 mvoice dated August 8. aid $260 cash for shipping charges related to the August 5 sale to Baird Corporat: aird returned merchandise from the August 5 sale that had cost Lowe's $500 and war erchandise was restored to inventory. After negotiations with Waters Corporation concerning problems with the purchases price reduction from Waters of $900 off the $9,000 of goods purchased. Lowe's del 5900. At Aron's request, Lowe's paid $470 cash for freight charges on the August 1 purcha Owed (accounts payable) to Aron. Received balance due from Baird Corporation for the August 5 sale less the return e Paid the amount due Waters Corporation for the August 8 purchase less the price all Sold merchandise to Tux Company for $6,000 under credit terms of n/10, FOB shipping August 19. The merchandise had cost $3,000. Tux requested a price reduction on the August 19 sale because the merchandise did = Lowe's gave a price reduction (allowance) of $1,000 to Tux and credited Tux's accou
archased merchandise from Aron Company for $10,000 under credit terms of 1/10, n/: ated August 1. old merchandise to Baird Corporation for $7,000 under credit terms of 2/10, n/60, ated August 5. The merchandise had cost $5,000. urchased merchandise from Waters Corporation for $9,000 under credit terms of 1/10 mvoice dated August 8. aid $260 cash for shipping charges related to the August 5 sale to Baird Corporat: aird returned merchandise from the August 5 sale that had cost Lowe's $500 and war erchandise was restored to inventory. After negotiations with Waters Corporation concerning problems with the purchases price reduction from Waters of $900 off the $9,000 of goods purchased. Lowe's del 5900. At Aron's request, Lowe's paid $470 cash for freight charges on the August 1 purcha Owed (accounts payable) to Aron. Received balance due from Baird Corporation for the August 5 sale less the return e Paid the amount due Waters Corporation for the August 8 purchase less the price all Sold merchandise to Tux Company for $6,000 under credit terms of n/10, FOB shipping August 19. The merchandise had cost $3,000. Tux requested a price reduction on the August 19 sale because the merchandise did = Lowe's gave a price reduction (allowance) of $1,000 to Tux and credited Tux's accou
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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