paid Duke Co. the balance due after deducting the discount. Received the balance
ID: 2456509 • Letter: P
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paid Duke Co. the balance due after deducting the discount. Received the balance due from Tameron Co. for the invoice dated May 20. net of discount and allowance. sold merchandise that cost $3,600 to Healther Co. for $7,200 under credit terms of 2/10, ./60 FOB shipping point invoice dated May 31. prepare journal entries to record the following merchandising transactions of mason Company which applies the perpetual inventory system. it will help to identify each receivable and payable for example, record the purchase on july 3 in Accounts payable OLB.) July purchased merchandise from OLB Corp. for $11.500 under credit terms of 1/10, n/45 FOB shipping charges and added that amount to the bill. paid $300 cash for shipping charges related to the july 7 sale toBrill Co. Brill returned merchandise from the July 7 sale the bad cost Mason 41,450 and bneen sold for After negotiations with Rupert Corporation concerning problems with the merchandise purchased on July 10, Mason received a credit memorandum from Rupert grantinc a price reduction of $2,000. 15 At OLB's request, Mason paid $150 cash for freight charges on the July 3 purchase, reducing the amount owed to OLB. 17 Received balance due from Brill Co. for the July 7 sale less the return on July 12. 20 Paid the amount due Rupert Corporation for the July 10 purchase less the price reduction granted.21 Sold merchandise to Brown for $11,000 under credit terms of 1/10, n/30, FOB shipping point, invoice dated July 21. The merchandise had cost $7,000. Brown requested a price reduction on the July 21 sale because the merchandise did not meet specifications. Mason sent Brown a credit memorandum for $1,300 to resolve the issue. Received Brown's cash payment for the amount due from the July 21 sale. id OLB Corp. the amount due from the July 3 purchase.Explanation / Answer
Date Account Title & Explaination Debit Credit Jul-03 Inventory 15000 Account Payable - OLB 15000 Jul-07 Account Recievable - Brill 11500 Sales 11500 Cost of Good Sold 7750 Inventory 7750 Jul-10 Inventory 14700 Account Payable - Rupert 14700 Jul-11 Shipping Charges 300 Cash 300 Jul-12 Sales Return & Allowances 1850 Account Recievable - Brill 1850 Inventory 1450 Cost of Good Sold 1450 Jul-14 Account Payable - Rupert 2000 Inventory 2000 Jul-15 Account Payable - OLB 150 Cash 150 Jul-17 Cash (9650*(1-2%)) 9457 Sales Discount (9650*2%) 193 Account Recievable - Brill (11500-1850) 9650 Jul-20 Account Payable - Rupert (14700-2000) 12700 Inventory (14200-2000)*1% 122 Cash 12578 Jul-21 Account Recievable - Brown 11000 Sales 11000 Cost of Good Sold 7000 Inventory 7000 Jul-24 Sales Return & Allowances 1300 Account Recievable - Brown 1300 Jul-30 Cash (9700*(1-1%)) 9603 Sales Discount (9700*1%) 97 Account Recievable - Brown (11000-1300) 9700 Jul-31 Account Payable - OLB 14850 Cash 14850
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