Reference no: EM13822980
Complete the Journal Entries
Paid rent for July $4,000
Purchased Merchandise on account from Lingard Co., terms 2/10, n/30, FOB shipping point, $25,000
Paid freight on purchase of July 3, $1,000
Sold merchandise on account to Holt Co., terms 2/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $24,000
Received $18,000 cash from Flatt Co. on account, no discount
Sold merchandise for cash $90,000. The cost of the merchandise sold was $50,000
Paid for merchandise purchased on July 3, less discount
Received merchandise returned on sale of July 6, $7,000. The cost of the merchandise returned was $4,500.
Paid advertising expense for last half of July, $9,000
Received cash from sale of July 6, less return of July 14 and discount
Purchased merchandise for cash, $22,000
Paid $23,100 to Carino Co. on account, no discount
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