Journalize the sales related transactions

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Reference no: EM132831870

Question - Journalize the following sales related transactions.

a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200 on behalf of buyer, which were added to the invoice.

b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.

c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.

d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in and the cost of the merchandise was $1,200.

e) Received amount due from Jangle Co. within the discount period.

f) Received amount due, less return and discount from Comet Co.

Reference no: EM132831870

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