Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).

Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).

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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