Paid black hawk delivery service 3875 for merchandise

Assignment Help Accounting Basics

Reference no: EM13482264

The following selected transactions were completed by Yukon Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

1. Sold merchandise on account to Oakley Co., $8,000, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $4,500.
2. Sold merchandise for $21,800 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $13,000.
3. Sold merchandise on account to Rawlins Co., $7,500, terms FOB shipping point, n/eom. The cost of merchandise sold was $4,200.
4. Sold merchandise for $10,000 plus 8% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $6,000.
5. Received check for amount due from Oakley Co. for sale on January 2.
6. Sold merchandise to customers who used American Express cards, $6,000.
The cost of merchandise sold was $3,200.
7. Sold merchandise on account to Keystone Co., $16,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $10,000.
8. Issued credit memo for $2,000 to Keystone Co. for merchandise returned from sale on January 16. The cost of the merchandise returned was $1,200.
9. Sold merchandise on account to Cooney Co., $15,750, terms FOB shipping point, 2/10, n/30. Added $400 to the invoice for prepaid freight. The cost of merchandise sold was $9,500.
10. Received check for amount due from Keystone Co. for sale on January 16 less credit memo of January 18 and discount.
11. Received check for amount due from Cooney Co. for sale of January 19.
12. Received check for amount due from Rawlins Co. for sale of January 4.
13. Paid Black Hawk Delivery Service $3,875 for merchandise delivered during January to customers under shipping terms of FOB destination.
Feb. 3. Paid City Bank $1,150 for service fees for handling MasterCard and American Express sales during January.
14. Paid $3,600 to state sales tax division for taxes owed on sales.
Instructions
Journalize the entries to record the transactions of Yukon Supply Co.

Reference no: EM13482264

Questions Cloud

During february 400 units in process on february 1 were : homestyle soup co. uses a process cost system to record the costs of processing soup which requires the cooking and

Park uses a perpetual inventory system for specific : park company reported the following march purchases and sales data for its only product. nbspnbsp

During february 400 units in process on february 1 were : homestyle soup co. uses a process cost system to record the costs of processing soup which requires the cooking and

Last year artworks inc paid a dividend of 350 you : last year artworks inc. paid a dividend of 3.50. you anticipatethat the companys growth rate is 10 percent and have a

Paid black hawk delivery service 3875 for merchandise : the following selected transactions were completed by yukon supply co. which sells office supplies primarily to

The tax effect of a net operation loss nol carry back : the tax effect of a net operation loss nol carry back usually1. results in a current receivable at the end of the

Prepare journal entries to assign manufacturing costs to : heritage furniture co. uses a standard cost system. one of thecompanys most popular products is an oak

Of the following temporary differences which one ordinarily : of the following temporary differences which one ordinarily creates a deferred tax asset?1. intangible drilling costs2.

Dorantes manufacturing company uses a standard cost system : dorantes manufacturing company uses a standard cost system. in2010 28000 units were produced. each unit took several

User Account

All Pages