Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 7.00

merchandising transactions

Prepare journal entries to record the following merchandising transactions for both the seller (BMX) and buyer (Sanuk).

May 4 BMX sold $1,500 of merchandise on account to Sanuk, terms FOB shipping point, ny45, invoice dated May 4. The cost of the merchandise was $900.

May 6 Sanuk paid transportation charges of $30 on the May 4 purchase from BMX.

May 8 BMX sold $1,000 of merchandise on account to Sanuk, terms FOB destination, ny30, invoice dated May 8. The cost of the merchandise was $700.

May 10 BMX paid transportation costs of $50 for delivery of merchandise sold to Sanuk on May 8.

May 16 BMX issued Sanuk a $200 credit memorandum for merchandise returned. The merchandise was purchased by Sanuk on account on May 8. The cost of the merchandise returned was $140.

May 18 BMX received payment from Sanuk for purchase of May 8.

May 21 BMX sold $2,400 of merchandise on account to Sanuk, terms FOB shipping point, 2/10, n/EOM. BMX prepaid transportation costs of $100, which were added to the invoice. The cost of the merchandise was $1,440.

May 31 BMX received payment from Sanuk for purchase of May 21, less discount (2% 3 $2,400).

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 08:07 PM My Price 7.00

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