Reference no: EM132680396
Problem - Sales-related and purchase-related transactions for seller and buyer
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.
June 8. Salinas Company sold merchandise on account to Brokaw Company, $34,750, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $19,850.
June 8. Salinas Company paid freight of $800 for delivery of merchandise sold to Bro-kaw Company on June 8.
June 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.
June 12. Brokaw Company paid Salinas Company for purchase of June 2, less discount.
June 23. Brokaw Company paid Salinas Company for purchase of June 8, less discount and less return of June 12.
June 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.
June 26. Brokaw Company paid freight of $475 on June 24 purchase from Salinas Company.
June 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.
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