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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Prepare the journal entries to record these transactions on Allied Company’s books using a periodic inventory system.
(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B. Streisand Company, terms 2/10, n/30.
(b) On March 6 Allied Company returned $130,000 of the merchandise purchased on March 2.
(c) On March 12 Allied Company paid the balance due to B. Streisand Company.
On October 5, Lane Company buys merchandise on account from O’Brien Company. The selling price of the goods is $5,000, and the cost to O’Brien Company is $3,000.On October 8, Lane returns defective goods with a selling price of $700 and a scrap value of $250. Record the transactions on the books of Lane Company.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll