Question 1 (10 Points): Samsung Company uses a periodic inventory system. During April...
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Question 1 (10 Points): Samsung Company uses a periodic inventory system. During April & May, the following transactions and events occurred. 1. On 1st April purchased merchandise from Apple Co. for $60,000; terms: 5/20, n/30, FOB destination. 2. On 4th April, Samsung received the merchandise and the freight cost was $1000. 3. On 7th April, Samsung Co. returned damaged goods to Apple Co. and was granted a credit allowance of $6,000. 4. On 19th April, Samsung Co. paid the balance due to Apple Co. 5. On 1th May, Samsung Co. Sold merchandise of $40,000 to Batelco Co, terms: 2/10, n/60, FOB shipping point. 6. On 4th May, Batelco Co. received the merchandise and the freight cost was $1000. 7. On 8th May, Batelco Co. returned damaged goods of $5,000. 8. On 12th May, Samsung Co. received the balance due from Batelco Co. Instructions Journalize the April & May transactions for Samsung Company only
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