Feb 3 purchased $3,000 of inventory on account under terms of2/10, n/eom(end of month) and FOB shipping point.
7 returned $500 of detective merchandise purchase on February3.
9 paid freight bill of $90 on February 3 purchase
10 sold inventory on account for 4, 600. Payment terms were 2/15n/30. These goods cost the company $2,500.
12 paid amount owed on credit purchase of February 3, less thereturn and the discount
16 granted a sales allowances of $300 on the Febraury 10sale
23 received cash from February 10 customer in full settlement ofher debt , less the allowance and the discount .
Please help me journalize the February transactions for angelgarden gifts. No explanations are required.
Feb 3 purchased $3,000 of inventory on account under terms of2/10, n/eom(end of month) and FOB shipping point.
7 returned $500 of detective merchandise purchase on February3.
9 paid freight bill of $90 on February 3 purchase
10 sold inventory on account for 4, 600. Payment terms were 2/15n/30. These goods cost the company $2,500.
12 paid amount owed on credit purchase of February 3, less thereturn and the discount
16 granted a sales allowances of $300 on the Febraury 10sale
23 received cash from February 10 customer in full settlement ofher debt , less the allowance and the discount .
Please help me journalize the February transactions for angelgarden gifts. No explanations are required.
Related questions
Journalize the following transactions for Moakley Bicycles using the periodic inventory system. Explanations are not required. â(Record debitsâ first, then credits. Exclude explanations from journalâ entries.)
TRANSACTIONS:
| Nov. | 2 | Purchased $2,900 of merchandise inventory on account under terms 33â/10, ân/EOM and FOB shipping point. |
| 6 | Returned $700 of defective merchandise purchased on November 2. | |
| 8 | Paid freight bill of $140 on November 2 purchase. | |
| 10 | Sold merchandise inventory on account for $6,700. Payment terms were 33â/15, n/45. | |
| 11 | Paid amount owed on credit purchase of November â2, less the return and the discount. | |
| 22 | Received cash from November 10 customer in full settlement of theirâ debt, less the discount. |
| Date | Accounts | Debit | Credit | ||
| Nov. 2 | |||||
Journalizing purchase transactions
Hayes Jewelers has the following purchase transactions.Journalize all necessary transitions. Explanations are notrequired.
Jun 20 | Purchase inventory of $5,800 on account from Slater Diamonds, ajewelry importer. Terms were 3/15, n/45, FOB shipping point. |
20 | Paid freight chargers, $400 |
Jul 4 | Returned $800 of inventory to slater. |
14 | Paid Slater Diamonds, less return |
16 | Purchased inventory of $3,480 on account from Schmitt Diamonds,a jewelry importer. Terms were 2/10, n/EOM, n/45, FOBdestination. |
18 | Received a $480 allowance from Schmitt for damaged but usablegoods. |
24 | Paid Schmitt Diamonds, less allowance and discount. |
