purchased 24 000 of merchandise on account fob shipping point terms2 15 n 30 551448
EX 6-38 Journal entries using the periodic inventory system
The following selected transactions were completed by Burton Company during July of the current year. Burton Company uses the periodic inventory system.
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purchased 24 000 of merchandise on account fob shipping point terms2 15 n 30 551448
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July 2. |
Purchased $24,000 of merchandise on account, FOB shipping point, terms2/15, n/30. |
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5. |
Paid freight of $500 on the July 2 purchase. |
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6. |
Returned $4,000 of the merchandise purchased on July 2. |
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13. |
Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000. |
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15. |
Paid freight of $100 for the merchandise sold on July 13. |
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17. |
Paid for the purchase of July 2 less the return and discount. |
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23. |
Received payment on account for the sale of July 13 less the discount. |
Journalize the entries to record the transactions of Burton Company.
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