ACC HW5-2 - Apr 20 Made sales on account to members $700...

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Apr 5 Purchased golf bags, clubs, and balls on account from Ellis Co. $1800, FOB Shipping point, terms 2/10, n/60 Apr 7 Paid freight on ellis purchase $80 Apr 9 Received credit from Ellis Co. for merchandise returned $100 Apr 10 Sold merchandise on account to members $1200 terms n/30. The merchandise sold had a cost of $810 Apr 12 Purchased golf shoes, sweaters, and other accessories on account from Penguin Sportswear $660, terms 1/10, n/30 Apr 14 Paid Ellis Co. in full, less discount Apr 17 Received Credit from Penguin Sportswear for merchandise returned $60
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Unformatted text preview: Apr 20 Made sales on account to members $700 terms n/30. The cost of the merchandise sold was $490 Apr 21 Paid Penguin Sportswear in full, less discount Apr 27 Granted an allowance to members for clothing that did not fit properly $40 Apr 30 Received payments on account from members $1000 No. 101 Cash No. 301 B. Kokott, Capital No. 112 Accounts receivable No. 401 Sales No. 120 Merchandise inventory No. 412 Sales Returns and Allowances No. 201 Accounts Payable 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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