Depr store equip 6 2 8 salaries payable 1 1 income

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Depr. StoreEquip.62$8SalariesPayable11IncomeSummary66SalaryExpense10111Depreciation Expense22Store77
SuppliesExp.Part B (15 points each for a possible total of 60 points)The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessarygeneral journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method isin use.June 16 purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account withcredit terms 2/10, n/30. Transportation terms F.O.B destination.June 16 purchased merchandise having a price of $9,000 from the Ajax Supply House on account with creditterms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.June 17 received the goods from Shelby.June 17 received the goods from Ajax.June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.June 25 Paid Shelby the amount owed.June 28 Paid Ajax the amount owed.June 30 Returned for cash, merchandise with an invoice price of $400 to Shelby.

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Accounting, Double entry bookkeeping system, invoice, necessary general journal, Shelby Manufacturing Co, Depr Store

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