Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co.
Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co.
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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
Related questions
Topic Video
Question
Journalize the following sales related transactions.
- a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice.
- b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.
- c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.
- d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200.
- e) Received amount due from Jangle Co. within the discount period.
- f) Received amount due, less return and discount from Comet Co.
- g) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (h). The cost of the merchandise was $1,200.
- i) Received amount due from Jangle Co. within the discount period.
- j) Received amount due, less return and discount from Comet Co.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College