Express merchandising operations

Assignment Help Managerial Accounting
Reference no: EM13492551

July 1

Purchased suitcases on account for $1,500 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.

July 3

Sold suitcases on account to Satchel World for $2,200. The cost of suitcases sold is $1,400.

July 9

Paid Trunk Manufacturers in full.

July 12

Received payment in full from Satchel World.

July 17

Sold suitcases on account to Lady GoGo for $1,400. The cost of the suitcases sold was $1,010.

July 18

Purchased suitcases on account for $1,900 from Holiday Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.

July 20

Received $300 credit (including freight) for suitcases returned to Holiday Manufacturers.

July 21

Received payment in full from Lady GoGo.

July 22

Sold suitcases on account to Vagabond for $2,250. The cost of suitcases sold was $1,350.

July 30

Paid Holiday Manufacturers in full.

July 31

Granted Vagabond $200 credit for suitcases returned costing $120.

Reference no: EM13492551

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