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Category > Management Posted 02 Nov 2017 My Price 9.00

8 Schnaps Company

The following selected transactions were completed during June between Schnaps Company and Brandy Company:

 

June 2 Schnaps Company sold merchandise on account to Brandy Company, $14,000, terms FOB shipping point, 2/10, n/30. Schnaps Company paid transportation costs of $350, which were added to the invoice. The cost of the merchandise sold was $8,000.

8 Schnaps Company sold merchandise on account to Brandy Company $12,500, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $7,500. 8 Schnaps Company paid transportation costs of $550 for delivery of merchandise sold to Brandy Company on June 8.

12 Brandy Company returned $3,000 of merchandise purchased on account on June 8 from Schnaps Company. The cost of the merchandise returned was $1,800.

12 Brandy Company paid Schnaps Company for purchase of June 2, less discount.

23 Brandy Company paid Schnaps Company for purchase of June 8, less discount and less return of June 12.

24 Schnaps Company sold merchandise on account to Brandy Company, $10,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $6,000.

26 Brandy Company paid transportation charges of $310 on June 24 purchase from Schnaps Company.

30 Brandy Company paid Schnaps Company on account for purchase of June 24.

Instructions

Journalize the June transactions for (1) Schnaps Company and (2) Brandy Company.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Nov 2017 06:11 PM My Price 9.00

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