Preparing journal entries for merchandising activities LO1
Prepare journal entries to record the following merchandising transactions of Yarvelle Company. May 2 Purchased merchandise from Havel Co. for $10,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated May 2.
5 Paid $250 cash for freight charges on the purchase of May 2.
10 Purchased merchandise from Duke Co. for $3,650 under credit terms of 2/15, n/60, FOB destination, invoice dated May 10.
12 Received a $400 credit memorandum from Duke Co. for the return of part of the merchandise purchased on May 10.
17 Paid the balance due to Havel Co. within the discount period.
25 Paid Duke Co. the balance due within the discount period
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