Purchased merchandise from Black Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.
Sold merchandise to Coke Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542.
Paid $135 cash for freight charges on the purchase of July 1.
8 Sold merchandise that had cost $1,800 for $2,200 cash.
Purchased merchandise from Lane Co. for $2,250 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
Received a $250 credit memorandum from Lane Co. for the return of part of the merchandise purchased on July 9.
Received the balance due from Coke Co. for the invoice dated July 2, net of the discount.
Paid the balance due to Black Company within the discount period.
Sold merchandise that cost $800 to AKP Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
Issued a $200 credit memorandum to AKP Co. for an allowance on goods sold on July 19.
Paid Lane Co. the balance due after deducting the discount.
Received the balance due from AKP Co. for the invoice dated July 19, net of discount.
Sold merchandise that cost $5,300 to Coke Co. for $7,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
Prepare journal entries to record the above merchandising transactions of Bask Company, which applies the perpetual inventory system. (Identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Black.) (Round your answers to nearest dollar amount. Omit the "$" sign in your response.)
Date General Journal Debit Credit
This question was asked on Oct 03, 2013 and answered on Oct 03, 2013.
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