Preparing journal entries for merchandising activities LO1
Prepare journal entries to record the following merchandising transactions of Blink Company.
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30,
FOB shipping point, invoice dated July 1.
3 Paid $125 cash for freight charges on the purchase of July 1.
9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
16 Paid the balance due to Boden Company within the discount period.
24 Paid Leight Co. the balance due within the discount period.
Check July 16, Cr. Cash $5,940
July 24, Cr. Cash $1,960
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