Maurice Tutor

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Category > Management Posted 22 Jan 2018 My Price 6.00

O’Quinn Co

O’Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, O’Quinn’s inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred.

1.Purchased suitcases on account for $1,800 from Emerson Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3.Sold suitcases on account toStraume Satchels for $2,000. The cost of suitcases sold is $1,200. 9.Paid Emerson Manufacturers in full. 12.Received payment in full fromStraume Satchels. 17.Sold suitcases on account to The Going Concern for $1,800. The cost of the suitcases sold was $1,080.

 

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Maurice Tutor
(5)
Status NEW Posted 22 Jan 2018 07:01 PM My Price 6.00

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