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CAN AN ACCOUNTING TUTOR WHO KNOWS ABOUT ACCOUNTING HELP ME WITH THE JOURNAL PLEASE. 2 Sold merchandise on account to Equinox Co., $20,800, terms FOB...

 CAN AN ACCOUNTING TUTOR WHO KNOWS ABOUT ACCOUNTING HELP ME WITH THE JOURNAL PLEASE.

Mar. 2 Sold merchandise on account to Equinox Co., $20,800, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,530.
3 Sold merchandise for $12,500 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,410.
4 Sold merchandise on account to Empire Co., $60,260, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,300.
5 Sold merchandise for $28,100 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,420.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $14,500. The cost of merchandise sold was $8,180.
16 Sold merchandise on account to Targhee Co., $26,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $14,770.
18 Issued credit memo for $4,300 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,650.

Record on page 11 of the journal
Mar. 19 Sold merchandise on account to Vista Co., $8,850, terms FOB shipping point, 2/10, n/30. The cost of merchandise sold was $4,600. The company immediately paid $70 in freight charges and added this to the invoice sent.
26 Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28 Received check for amount due from Vista Co. for sale of March 19.
31 Received check for amount due from Empire Co. for sale of March 4.
31 Paid Fleetwood Delivery Service $5,760 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $870 for service fees for handling MasterCard and American Express sales during March.
15

Paid $6,146 to state sales tax division for taxes owed on sales.


Top Answer

DR CR March 2 Accounts Receivable 20800 Sales 20800 Sold merchandise on account to Equinox Co., $20,800 2 Cost of Merchandise... View the full answer

2 comments
  • THANKS!
    • Americanstudentt
    • Jul 19, 2016 at 6:02pm
  • Always welcome
    • tutorObi
    • Jul 19, 2016 at 6:03pm

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