Journalize the following transaction for Tesco Company during the month of May 2017. May 1st, Purchased merchandise inventory from Sainsbury Co. list price $62,000, trade discount 15%, FOB shipping point, prepaid fright cost $650 add it to the invoice. Term of credit 1/15, n/45. May 3rd, Sold merchandise Inventory to ASDA Supermarket list price $85,000 Trade discount 10%, rate of sales tax 5%. FOB shipping point, Paid fright cost $200. Cost of merchandise sold $45,000. Term of credit 2/10, n/30. May 5th, ASDA Supermarket return part of merchandise purchased on 3rd of May list price $15,000 trade discount 10%. May 6th, Sold merchandise inventory to Morrison Ltd list price $42,000. FOB destination, term of credit 1/10, n/30, Cost of goods sold $30,000. Rate of sale tax 10%. May 7th, We return part of the goods purchased on May 1st to Sainsbury Co. list price $6000, trade discount 15% May 9th, Received full Payment from ASDA Supermarket for sale made on May 3rd. May 11th, Made full payment to Sainsbury Co. for purchased made on May 1st.
Journalize the following transaction for Tesco Company during the month of May 2017.
May 1st, Purchased merchandise inventory from Sainsbury Co. list price $62,000, trade discount 15%, FOB shipping point, prepaid fright cost $650 add it to the invoice. Term of credit 1/15, n/45.
May 3rd, Sold merchandise Inventory to ASDA Supermarket list price $85,000 Trade discount 10%, rate of sales tax 5%. FOB shipping point, Paid fright cost $200. Cost of merchandise sold $45,000. Term of credit 2/10, n/30.
May 5th, ASDA Supermarket return part of merchandise purchased on 3rd of May list price $15,000 trade discount 10%.
May 6th, Sold merchandise inventory to Morrison Ltd list price $42,000. FOB destination, term of credit 1/10, n/30, Cost of goods sold $30,000. Rate of sale tax 10%.
May 7th, We return part of the goods purchased on May 1st to Sainsbury Co. list price $6000, trade discount 15%
May 9th, Received full Payment from ASDA Supermarket for sale made on May 3rd.
May 11th, Made full payment to Sainsbury Co. for purchased made on May 1st.
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