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Unformatted text preview: ), FOB destination ( seller pays ), terms 2/15, n/30. The appropriate party also made cash payment of $50 for the freight on this date June 24 Received payment in full from Bargain books ( D Cash, C Accounts Receivable ) June 26 Paid Bookem Publishers in full, less discount ( D Accounts Payable, C Cash and Merchandise Inventory ) June 28 Sold 110 Books on account to Read-n-Weep Bookstore for $10 each ( D Accounts Receivable, C Sales ) June 30 Granted Read-n-Weep Booksore $150 credit for 15 books returned costing $75 ( D Sales Returns and Allowances and Merchandise Inventory, C Accounts Receivable and Cost of Good Sold ) No. 101 Cash - No. 112 Accounts Receivable - No. 120 Merchandise Inventory No. 201 Accounts Payable - No. 401 Sales - No. 412 Sales Returns and Allowances No. 414 Sales Discounts - No. 505 Cost of Goods Sold...
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- Fall '06
- Generally Accepted Accounting Principles, Ex Libris Publishers