ACC HW5-1 - ), FOB destination ( seller pays ), terms 2/15,...

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June1 Purchased 160 books on an account for $5 each from Ex Libris Publishers (D merchandise inventory and C accounts payable), FOB destination (seller pays ), terms 2/10 n/30 to all of its customers. The appropriate party also made a cash payment of $50 for the freight on this date. June 3 Sold 120 books on account to Readers R US for $10 each ( D accounts receivable, C Sales ) June 6 Received $50 credit for 10 books returned to Ex- Libris Publishers ( D accounts payable, C Merchandise Inventory ) June 9 Paid Ex Libris in full, less discount ( D Accounts Payable, C Cash and Merchandise Inventory ) June 15 Received payments in full from readers r us ( D Cash, C Accounts Receivable ) June 17 Sold 120 books on account to bargain books for $10 each ( D Accounts Receivable, C Sales ) June 20 Purchased 110 books on account for $5 each from bookem Publishers ( D Merchandise Inventory, C Accounts Payable
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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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This note was uploaded on 04/17/2008 for the course ACC 201 taught by Professor Staff during the Fall '06 term at CUNY Lehman.

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ACC HW5-1 - ), FOB destination ( seller pays ), terms 2/15,...

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