Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. 7 Returned $900 of defective merchandise purchased on February 3. 9 Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. 10 Paid amount owed on credit purchase of February 3, less the return and the discount. 12 28 Received cash from February 10 customer in full settlement of their debt.
Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. 7 Returned $900 of defective merchandise purchased on February 3. 9 Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. 10 Paid amount owed on credit purchase of February 3, less the return and the discount. 12 28 Received cash from February 10 customer in full settlement of their debt.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...
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Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase and sales transactions.
Journalize the following transactions for Soul Art Gift Shop. Explanations are not required.
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