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Homework answers / question archive / The following selected transactions were completed during June between Salinas Company and Brokaw Company: June 2
The following selected transactions were completed during June between Salinas Company and Brokaw Company:
June 2. Salinas Company sold merchandise on account to Brokaw Company, $20,000, terms FOB shipping point, 2/10, n/30. Salinas Company paid freight of $675, which was added to the invoice. The cost of the merchandise sold was $12,000.
8. Salinas Company sold merchandise on account to Brokaw Company, $34,750, term FOB destinations, 1/15, n/eom. The cost of the merchandise sold was $19,850.
8. Salinas Company paid freight of $800 for delivery of merchandise sold to Brokaw Company on June 8.
12. Brokaw Company returned $5,750 of merchandise purchased on account on June 8 from Salinas Company. The cost of the merchandise returned was $3.000.
12. Brokaw Company paid Salinas Company for purchase of June 2, less discount.
23. Brokaw Company paid Salinas Company for purchase of June 8, less discount and less return of June 12.
24. Salinas Company sold merchandise on account to Brokaw Company, $31,800, terms FOB shipping point, n/eom. The cost of the merchandise sold was $20,500.
26. Brokaw Company paid freight of $475 on June 24 purchase from Salinas Company.
30. Brokaw Company paid Salinas Company on account for purchase of June 24.
Instructions
Journalize the June transactions for (1) Salinas Company and (2) Brokaw Company:
1.
June 2 Accounts Receivable x Brokaw Company..................... 20,000
Sales......................................................................... 20,000
2 Accounts Receivable x Brokaw Company..................... 675
Cash.......................................................................... 675
2 Cost of Merchandise Sold.............................................. 12,000
Merchandise Inventory............................................ 12,000
8 Accounts Receivable x Brokaw Company..................... 34,750
Sales......................................................................... 34,750
8 Cost of Merchandise Sold.............................................. 19,850
Merchandise Inventory............................................ 19,850
8 Delivery Expense........................................................... 800
Cash.......................................................................... 800
12 Sales Returns and Allowances....................................... 5,750
Accounts Receivable x Brokaw Company............... 5,750
12 Merchandise Inventory.................................................. 3,000
Cost of Merchandise Sold........................................ 3,000
12 Cash................................................................................ 20,275
Sales Discounts.............................................................. 400
Accounts Receivable x Brokaw Company............... 20,675
23 Cash................................................................................ 28,710
Sales Discounts.............................................................. 290
Accounts Receivable x Brokaw Company............... 29,000
24 Accounts Receivable x Brokaw Company..................... 31,800
Sales......................................................................... 31,800
24 Cost of Merchandise Sold.............................................. 20,500
Merchandise Inventory............................................ 20,500
30 Cash................................................................................ 31,800
Accounts Receivable x Brokaw Company............... 31,800
2.
June 2 Merchandise Inventory.................................................. 20,675
Accounts Payable x Salinas Company..................... 20,675
$20,000 + $675 = $20,675.
8 Merchandise Inventory.................................................. 34,750
Accounts Payable x Salinas Company..................... 34,750
12 Accounts Payable x Salinas Company........................... 5,750
Merchandise Inventory............................................ 5,750
12 Accounts Payable x Salinas Company........................... 20,675
Cash.......................................................................... 20,275
Merchandise Inventory............................................ 400
23 Accounts Payable x Salinas Company........................... 29,000
Cash.......................................................................... 28,710
Merchandise Inventory............................................ 290
24 Merchandise Inventory.................................................. 31,800
Accounts Payable x Salinas Company..................... 31,800
26 Merchandise Inventory.................................................. 475
Cash.......................................................................... 475
30 Accounts Payable x Salinas Company........................... 31,800
Cash.......................................................................... 31,800
