sky company paid freight of 3 000 for delivery of merchandise sold to big co on may 551455
PR 6-6A Sales-related and purchase-related transactions for seller and buyer
The following selected transactions were completed during May between Sky Company and Big Co.:
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sky company paid freight of 3 000 for delivery of merchandise sold to big co on may 551455
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May 1. |
Sky Company sold merchandise on account to Big Co., $72,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $43,200. |
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2. |
Sky Company paid freight of $3,000 for delivery of merchandise sold to Big Co. on May 1. |
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5. |
Sky Company sold merchandise on account to Big Co., $48,500, terms FOB shipping point, n/eom. The cost of the merchandise sold was $30,000. |
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6. |
Big Co. returned $12,000 of merchandise purchased on account on May 1 from Sky Company. The cost of the merchandise returned was $7,200. |
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9. |
Big Co. paid freight of $1,800 on May 5 purchase from Sky Company. |
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15. |
Sky Company sold merchandise on account to Big Co., $64,000, terms FOB shipping point, 1/10, n/30. Sky Company paid freight of $2,500, which was added to the invoice. The cost of the merchandise sold was $38,400. |
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16. |
Big Co. paid Sky Company for purchase of May 1, less discount and less return of May 6. |
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25. |
Big Co. paid Sky Company on account for purchase of May 15, less discount. |
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31. |
Big Co. paid Sky Company on account for purchase of May 5. |
Instructions
Journalize the May transactions for (1) Sky Company and (2) Big Co.
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