Reference no: EM13856419
Use the following scenarios to create journal entries about their effects on net income:
1. May 1, 2012--Joe purchased flour for his doughnut business and put the total on his account at Flour Mill, Inc. The cost of the flour is $620, plus shipping of $60. Create the journal entry to account for transportation costs.
2. June 2, 2012--He ran out of icing and ordered $450 of chocolate icing and $150 of vanilla icing, adding the total to his account at Flour Mill, Inc. Shipping costs were $50. One tub of icing was caramel, so he returned it for a credit of $65.
3. July 3, 2013--Joe needed sugar and ordered it in bulk, at a cost of $325, which included $25 in shipping charges. This purchase was from Flour Mill, Inc.
4. August 4, 2012--Joe ordered yeast for his business from Flour Mill, Inc. The cost of yeast was $130, plus $15 shipping.
When it arrived, a bag was broken and spilled. The company credited his account for $20.
5. September 5, 2012--Joe paid his bill at Flour Mill, Inc. He received a 2% discount for being a loyal customer.
You can create your own sheet
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