FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Direction: Prepare the
TRANSACTIONS:
January 1 - Purchased goods from May Company with list price of 600,000 less 10% purchase discount, paid cash
January 6 - Returned 40,000 of defective goods and replaced with cash
January 9 - Cash sales, 145,000 (cost 78,000)
January 13 - Purchased goods from Feh Enterprises worth 75,000 on account. Terms 2/15, n/30
January 16 - Paid 9,000 freight on goods purchased.
January 17 - Sold goods to Bet Trading on credit. Term: 1/10, n/30, 240,000 (cost 130,000)
January 20 - Received returned goods from January 17 sale worth 100,000 (cost 60,000)
January 22 - Received cash in full settlement of the account from Bet Trading
January 25 - Full settlement from the purchase of January 13
January 28 - Purchases on account, 130,000, terms: 2/10, n/30
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