Exercise The following transactions were completed by SEMCO Company during the month of March 2014. SEMCO Company uses the perpetual inventory system. March 5 Purchased merchandise on account for $3,000 from BROSKI Company, FOB shipping point, terms 3/10, n/30. The appropriate party also made a cash payment of $200 for freight on this date. 15 Sold Merchandise on account to ABZ Company for $2,000, terms 2/10, n/30. The merchandise sold had a cost of $1,200. 17 Received credit from BROSKI Company for merchandise returned $100. 20 Paid BROSKI Company in full. 22 Granted ABZ Company $250 credit for merchandise returned costing $150. 25 Received payment in full from ABZ Company. 22 paid Braski in full (No descomt). Instructions: Journalize the transactions on the books of SEMCO Company for the month of March.

Exercise The following transactions were completed by SEMCO Company during the month of March 2014. SEMCO Company uses the perpetual inventory system. March 5 Purchased merchandise on account for $3,000 from BROSKI Company, FOB shipping point, terms 3/10, n/30. The appropriate party also made a cash payment of $200 for freight on this date. 15 Sold Merchandise on account to ABZ Company for $2,000, terms 2/10, n/30. The merchandise sold had a cost of $1,200. 17 Received credit from BROSKI Company for merchandise returned $100. 20 Paid BROSKI Company in full. 22 Granted ABZ Company $250 credit for merchandise returned costing $150. 25 Received payment in full from ABZ Company. 22 paid Braski in full (No descomt). Instructions: Journalize the transactions on the books of SEMCO Company for the month of March.

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Description: Exercise Four:The following transactions were completed by SEMCO Company during the month of March 2014.SEMCO Company uses the perpetual inventory system.March5 Purchased merchandise on account for $3,000 from BROSKI Company, FOBshipping point, term

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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