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Jun.2. 8 12 23 24 26 30 Smith Company sold merchandise on account to Brown Company, $15,500, terms FOB shipping point, 1/10, n/30. Smith Company paid freight of $510, which was added to the invoice. The cost of the merchandise sold was $9,800. Smith Company sold merchandise on account to Brown Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. Smith Company paid freight of $840 for delivery of merchandise sold to Brown Company on June 8. Brown Company paid Smith Company for purchase of June 2. Brown Company paid Smith Company for purchase of June 8. Smith Company sold merchandise on account to Brown Company, $9,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,700. Brown Company paid freight of $300 on June 24 purchase from Smith Company. Smith Company granted a customer allowance (credit memo) to Brown Company for $4,300 for

Jun.2. 8 12 23 24 26 30 Smith Company sold merchandise on account to Brown Company, $15,500, terms FOB shipping point, 1/10, n/30. Smith Company paid freight of $510, which was added to the invoice. The cost of the merchandise sold was $9,800. Smith Company sold merchandise on account to Brown Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. Smith Company paid freight of $840 for delivery of merchandise sold to Brown Company on June 8. Brown Company paid Smith Company for purchase of June 2. Brown Company paid Smith Company for purchase of June 8. Smith Company sold merchandise on account to Brown Company, $9,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,700. Brown Company paid freight of $300 on June 24 purchase from Smith Company. Smith Company granted a customer allowance (credit memo) to Brown Company for $4,300 for

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. The following selected transactions were completed during June between Smith Company and Brown Company: Jun.2. 8 8 12 23 24 26 30 Smith Company sold merchandise on account to Brown Company, $15,500, terms FOB shipping point, 1/10, n/30. Smith Company paid freight of $510, which was added to the invoice. The cost of the merchandise sold was $9,800. Date Smith Company sold merchandise on account to Brown Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. Smith Company paid freight of $840 for delivery of merchandise sold to Brown Company on June 8. Brown Company paid Smith Company for purchase of June 2. Brown Company paid Smith Company for purchase of June 8. Smith Company sold merchandise on account to Brown Company, $9,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,700. Brown Company paid freight of $300 on June 24 purchase from Smith Company. Smith Company granted a customer allowance (credit memo) to Brown Company for $4,300 for merchandise that was returned from the June 24 purchase. The cost of the merchandise returned was $1,500. Record the journal entries for the buyer and seller side. Account Name Post Ref Debit Credit
Transcribed Image Text:2. The following selected transactions were completed during June between Smith Company and Brown Company: Jun.2. 8 8 12 23 24 26 30 Smith Company sold merchandise on account to Brown Company, $15,500, terms FOB shipping point, 1/10, n/30. Smith Company paid freight of $510, which was added to the invoice. The cost of the merchandise sold was $9,800. Date Smith Company sold merchandise on account to Brown Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. Smith Company paid freight of $840 for delivery of merchandise sold to Brown Company on June 8. Brown Company paid Smith Company for purchase of June 2. Brown Company paid Smith Company for purchase of June 8. Smith Company sold merchandise on account to Brown Company, $9,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,700. Brown Company paid freight of $300 on June 24 purchase from Smith Company. Smith Company granted a customer allowance (credit memo) to Brown Company for $4,300 for merchandise that was returned from the June 24 purchase. The cost of the merchandise returned was $1,500. Record the journal entries for the buyer and seller side. Account Name Post Ref Debit Credit
Date Account Name Post Ref Debit Credit
Transcribed Image Text:Date Account Name Post Ref Debit Credit
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