June 16 purchased merchandise having a price of 6000

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June 16 Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on accountwith credit 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 withcredit terms 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.(1)Prepare the necessary general journal entry for June 16, Purchased merchandise having a priceof $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30.Transportation terms F.O.B destination._______Merchandise Inventory________6000____________Accounts Payable-Shelby Manufacturing Co.________6000_________Purchased merchandise on account fromShelby Manufacturing Co., 2/10, n/30(2)Prepare the necessary general journal entry for June 17, Received the goods from Shelby.______________________________________________________No Entry____________________________________________________(3)Prepare the necessary general journal entry for June 25.______Accounts Payable-Shelby Manufacturing Co._____6000___________________Merchandise Inventory_____________120____________Cash_________________________________5880____________Paid Shelby Manufacturing balance owed_________________(4)Prepare the necessary general journal entry for June 28.____Accounts Payable-Ajax Supply House__________9000_________________Merchandise Inventory_________180____________Cash____________________________________8995_____________Paid Ajax Supply balance owed__________________
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Term
Fall
Professor
N/A
Tags
Double entry bookkeeping system, general journal entry, necessary general journal, Shelby Manufacturing Co

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