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July 1   Purchased merchandise from Boden Company for $6,800 under...

July 1  

Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.

  2  

Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $567.

  3  

Paid $115 cash for freight charges on the purchase of July 1.

  8   Sold merchandise that had cost $2,100 for $2,500 cash.
  9  

Purchased merchandise from Leight Co. for $2,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.

  11  

Received a $500 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.

  12  

Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.

  16  

Paid the balance due to Boden Company within the discount period.

  19  

Sold merchandise that cost $1,200 to Art Co. for $1,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.

  21  

Issued a $300 credit memorandum to Art Co. for an allowance on goods sold on July 19.

  24  

Paid Leight Co. the balance due after deducting the discount.

  30  

Received the balance due from Art Co. for the invoice dated July 19, net of discount.

  31  

Sold merchandise that cost $5,600 to Creek Co. for $6,800 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 Blink Company, which applies the perpetual inventory system.

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