Axel Company and Rod Company completed the following merchandising transactions in the month of April. Axel Company follows periodic inventory system and Rod Company follows perpetual inventory system. Journalize for the month of April, Axel Company's transactions and Rod Company's transactions. April 9 April 12 April 18 Axel Company sold $52,000 of merchandise on account to Rod Company, terms FOB shipping point, 1/10, n/30. The cost of the merchandise sold was $28,500. The appropriate party also paid $100 for the freight charge. Axel Company granted Rod Company $4,600 credit for merchandise returned costing $2,700. Axel Company received the balance due from Rod Company. Instructions: a. Journalize the above transactions on the books of Axel Company. b. Journalize the above transactions on the books of Rod Company.

Axel Company and Rod Company completed the following merchandising transactions in the month of April. Axel Company follows periodic inventory system and Rod Company follows perpetual inventory system. Journalize for the month of April, Axel Company's transactions and Rod Company's transactions. April 9 April 12 April 18 Axel Company sold $52,000 of merchandise on account to Rod Company, terms FOB shipping point, 1/10, n/30. The cost of the merchandise sold was $28,500. The appropriate party also paid $100 for the freight charge. Axel Company granted Rod Company $4,600 credit for merchandise returned costing $2,700. Axel Company received the balance due from Rod Company. Instructions: a. Journalize the above transactions on the books of Axel Company. b. Journalize the above transactions on the books of Rod Company.

Name: Axel Company and Rod Company completed the following merchandising tr
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Description: Axel Company and Rod Company completed the following merchandising transactions in the month of April. AxelCompany follows periodic inventory system and Rod Company follows perpetual inventory system. Journalize for themonth of April, Axel Company's

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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