Aug. | 1 |
Purchased merchandise from Arotek Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. |
5 |
Sold merchandise to Laird Corp. for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $2,999. |
|
8 |
Purchased merchandise from Waters Corporation for $5,300 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng’s request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.) |
|
9 |
Paid $260 cash for shipping charges related to the August 5 sale to Laird Corp. |
|
10 |
Laird returned merchandise from the August 5 sale that had cost Sheng $500 and been sold for $700. The merchandise was restored to inventory. |
|
12 |
After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $800. |
|
14 | At Arotek's request, Sheng paid $470 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek. | |
15 |
Received balance due from Laird Corp. for the August 5 sale less the return on August 10. |
|
18 |
Paid the amount due Waters Corporation for the August 8 purchase less the price reduction granted. |
|
19 |
Sold merchandise to Tux Co. for $3,600 under credit terms of 1/10, n/30, FOB shipping point, invoice dated August 19. The merchandise had cost $2,498. |
|
22 |
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $600 credit memorandum to resolve the issue. |
|
29 |
Received Tux's cash payment for the amount due from the August 19 sale. |
|
30 |
Paid Arotek Company the amount due from the August 1 purchase. |
Prepare |
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