Review the following situations and record any necessary journal entries for Mequon's Boutique. May 10 Mequon's Boutique purchases $2,900 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon's Boutique sells $3,500 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1,800. Shipping charges

Question
Review the following situations and record any necessary journal entries for
Mequon's Boutique.
May 10
Mequon's Boutique purchases $2,900 worth of
merchandise with cash from a manufacturer. Shipping
charges are an extra $110 cash. Terms of the
purchase are FOB Shipping Point.
May 14
Mequon's Boutique sells $3,500 worth of merchandise
to a customer who pays with cash. The merchandise
has a cost to Mequon's of $1,800. Shipping charges
Expand
Transcribed Image Text

Review the following situations and record any necessary journal entries for Mequon's Boutique. May 10 Mequon's Boutique purchases $2,900 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon's Boutique sells $3,500 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1,800. Shipping charges

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