Maurice Tutor

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Teaching Since: May 2017
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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 10 Aug 2017 My Price 5.00

Blue Company

Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr.2 Purchased merchandise from Blue Company under the following terms:$3600 price, invoice dated April 2, credit terms of 2/15,n/60 and FOB shipping point. Apr.3 Paid $200 for shipping charges on the April 2 purchases. Apr.4 Returned to Blue Company unacceptable merchandise that had an invoice price of $600 Apr. 17 Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise Apr. 18 Purchased merchandise from Fox Corp. under the following terms: $7,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination Apr. 21 After negotiations, received from Fox a $2,100 allowance on the April 18 purchase. Apr. 28 Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.

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Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 03:08 PM My Price 5.00

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