Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following transactions in the month of June, 2020 Task: Journalize these transactions for Widgets & Gadget Purchased gadgets and widgets from Unicorn Suppliers on account for 500,000 BDT. FOB Shipping Point-Shipping cost of 01-Jun 5,000 paid in cash. Discount terms 1/10, n/45. Sold gadgets to Star Traders for 75,000 BDT on account. The cost of these gadgets was 45,000 BDT. Terms 3/15, n/30, FOB Destination.. 02-Jun Freight of 1,500 BDT paid in cash. Returned gadgets worth 50,000 BDT to Unicorn Suppliers because 04-Jun they were defective. Received full credit. 09-Jun Paid Unicorn Suppliers in full less any applicable discounts. Sold Widgets to Dragon Traders for 80,000 in cash. These widgets had a cost of 50,000 BDT. FOB Shipping Point. Freight
Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following transactions in the month of June, 2020 Task: Journalize these transactions for Widgets & Gadget Purchased gadgets and widgets from Unicorn Suppliers on account for 500,000 BDT. FOB Shipping Point-Shipping cost of 01-Jun 5,000 paid in cash. Discount terms 1/10, n/45. Sold gadgets to Star Traders for 75,000 BDT on account. The cost of these gadgets was 45,000 BDT. Terms 3/15, n/30, FOB Destination.. 02-Jun Freight of 1,500 BDT paid in cash. Returned gadgets worth 50,000 BDT to Unicorn Suppliers because 04-Jun they were defective. Received full credit. 09-Jun Paid Unicorn Suppliers in full less any applicable discounts. Sold Widgets to Dragon Traders for 80,000 in cash. These widgets had a cost of 50,000 BDT. FOB Shipping Point. Freight
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1PA: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15...
Related questions
Question
27
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning