Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200 on behalf of buyer, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in and the cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co.
Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200 on behalf of buyer, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in and the cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize the following sales related transactions.
- a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200 on behalf of buyer, which were added to the invoice.
- b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.
- c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.
- d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in and the cost of the merchandise was $1,200.
- e) Received amount due from Jangle Co. within the discount period.
- f) Received amount due, less return and discount from Comet Co.
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