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Question 1: Journalize the transactions for Baker Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
Point 1: November 1 Sold goods costing $4,800 to Jenkins Company on account, $8,000, terms 3/10, n/30.
Point 2: November 7 Jenkins Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.
Point 3: November 12 Received the amount due from Jenkins Company.
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The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..
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