Question

PROBLEMS le points.cach 40 points) transaction listed below, prepare a journal entry IN GOOD FORM to record the dising transactions of the Boston Engine Company, which uses the Perpetual System. (He careful to identify each receivable and payable account) June 2 Purchased merchandise on account from Marvel Company for $22.000 under credit terms of 1/15, net 30, FOB shipping point, invoice dated June 2 DEBIT CREDIT 22,000 DATE Junca ACCOUNT NAME Merchandise inventory ALCount poyable 22.000 4 June 4 Sold merchandise to Spring Company for $15,000 under credit ferms of 210, net 30, FOB destination, invoice dated June 4. The merchandise had cost of $10,000. CREDIT DEBIT 1500 DATE June 4 15.000 ACCOUNT NAME Account receivable Soles aeucnue Cost of goods sold merchandise inventory Todoo 10.000 3. June 5 Paid S600 cash for freight changes on the merchandise purchased on June 2. DEBIT CREDIT DATE June S ACCOUNT NAME Merchandise inuentary cosh 4. June 9 Sold merchandise for $3,900 cash that had a cost of $3,400. DATE CREDIT June 9 Cash 3.900 ACCOUNT NAME DEBIT 3.900 Soles Revenue Cost of goods sold 3,400 Merchandise inventory 3400

Answer 1

Journal entry to record freight bill:

June 21	freight expense	$400
	cash		$400
	(To record frieght expense)

For problem #2., complete information was not provided.