Journalize these transactions first on the books of arnold

Assignment Help Financial Accounting

Reference no: EM13377908

Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Gerson Pharmaceuticals. Assume both companies use the periodic inventory system.

The following transactions occurred between Gerson Pharmaceuticals and Arnold Drug Stores during June of the current year.

June 6. Arnold purchased $29,400 of merchandise from Gerson on credit terms 2/10, n/30, FOB shipping point. Seperatel, Arnold paid freight in of $300. Gerson invoiced Arnold for $29,400

June 10. Arnold returned $3,600 of the merchandise purchased on June 6. Gerson issued a credit memo for this account.

June 15. Arnold paid $12,000 of invoice amount owed to Gerson for the June 6 purchase. This payment included none of the freight charge.

June 27. Arnold paid the remaining amount owed to Gerson for the June 6 purchase.

Reference no: EM13377908

Questions Cloud

Listed below are eight technical accounting terms : listed below are eight technical accounting terms introduced in this chapternbspeach of the following statements may or

Show all cash flow diagrams show all steps1nbsp a : show all cash flow diagrams show all steps1.nbsp a individual is borrowing 175000 for a 15 year loan at 4.17 per year

G following macroeconomic modely c i0 g0 : given the following macroeconomic modely c i0 g0 equilibrium income yc a by-t consumption

Gven the following supply and demand modelqd a - bp eyo : given the following supply and demand modelqd a - bp eyo demandqs -c dp fpr supplyqd qs

Journalize these transactions first on the books of arnold : journalize these transactions first on the books of arnold drug stores and second on the books of gerson

During the countrys current economic malaise along with : during the countrys current economic malaise along with that of our local economy what can individuals and businesses

The city of shipley maintains an employee retirement fund a : the city of shipley maintains an employee retirement fund a single-employer defined benefit plan that provides annuity

Suppose that disposable income consumption andy saving in : suppose that disposable income consumption andy saving in some country are200 billion 150 billion and 50 billion

Matt christpher is a 25 year old mechanical engineering and : matt christpher is a 25 year old mechanical engineering and his salary next year will be 60000.matt expects that his

User Account

All Pages