50.1K
Verified Solution
Link Copied!
Presented below are some transactions from Mace Company assuming perpetual inventory system is used to account for inventories.
June 4 Mace company purchased $4,000 worth of merchandise from Sandson Company on credit, terms 1/10, n/30. The cost of merchandise was worth $2,500.
6 Sandson Company paid freight cost of $110 to carrier by cash.
10 Mace Company returned $600 goods to Sandson Company for credit.
11 Mace Company sold $1,250 worth goods to Ferry Company for $2,000 on account, terms n/20.
13 Mace Company paid the balance due to Sandson Company.
30 Mace Company received full payment from Ferry Company.
Instructions
Prepare journal entries to record above transactions for Mace Company, identify your entries by date, show necessary computations.
Answer & Explanation
Solved by verified expert
