december 22 4 000 the cost of the returned merchandise was 1 800 551460
PR 6-5B Sales-related and purchase-related transactions
The following were selected from among the transactions completed by Wild Adventures Company during December of the current year:
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december 22 4 000 the cost of the returned merchandise was 1 800 551460
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Dec. 3. |
Purchased merchandise on account from Miramar Co., list price $45,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,200 added to the invoice. |
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5. |
Purchased merchandise on account from Grand Canyon Co., $19,000, terms FOB destination, 2/10, n/30. |
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6. |
Sold merchandise on account to Arches Co., list price $30,000, trade discount 25%, terms 2/10, n/30. The cost of the merchandise sold was $14,000. |
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7. |
Returned $3,000 of merchandise purchased on December 5 from Grand Canyon Co. |
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13. |
Paid Miramar Co. on account for purchase of December 3, less discount. |
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15. |
Paid Grand Canyon Co. on account for purchase of December 5, less return of December 7 and discount. |
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16. |
Received cash on account from sale of December 6 to Arches Co., less discount. |
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19. |
Sold merchandise on MasterCard, $41,950. The cost of the merchandise sold was $25,000. |
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22. |
Sold merchandise on account to Yellowstone River Co., $20,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000. |
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23. |
Sold merchandise for cash, $57,500. The cost of the merchandise sold was $34,500. |
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28. |
Received merchandise returned by Yellowstone River Co. from sale on December 22, $4,000. The cost of the returned merchandise was $1,800. |
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31. |
Received merchandise returned by Yellowstone River Co. from sale on December 22, $4,000. The cost of the returned merchandise was $1,800. |
Instructions
Journalize the transactions.
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