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1) A) Joy company bought $8000 of merchandise on account, terms 2/10 net 30 B) Joy retumed $2000 of the merchandise C) Joy had a cash sale of $10,000; the cost of the merchandise was $4500 D) Joy sold $12,000 on account terms 1/10 net 30; cost of the merchandise was $5500 E) Paid for the purchase in A, less the return. F) Received payment from the sale in D. 2) A) BC company bought $18000 of merchandise on account, terms 1/10 net 30 B) BC returned $12000 of the merchandise C) BC had a sale of $10,000 terms 2/10 net 30; the cost of the merchandise was $4500 D) BC sold $2,000 for cash; cost of the merchandise was $500 E) Paid for the purchase in A, less the return. F) Received payment from the sale in C. Default Style English (USA) $1000 of the inventory. They paid the rest of the bill within the discount period. 6) ABC Company sold DEF company shoes for $67,000 on account. The shoes cost ABC $30,000. Write the journal entries for both ABC and DEF showing the sale by ABC followed by the receipt of payment & the purchase by DEF followed by the payment to ABC. 7) ABC Company sold DEF company shoes for $67,000 on account on terms 2/10 net 30. The shoes cost ABC $30,000. Write the journal entries for both ABC and DEF showing the sale by ABC followed by the receipt of payment & the purchase by DEF followed by the payment to ABC. They Pa t h ne

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