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Prepare journal entries for each of these transaction

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Reference no: EM13511663

Fuente Office Supply sells all merchandise on credit with terms 2/10, n/30 using the gross method to record sales. Fuente engaged in the following transactions:
a. May 1: Fuente sold 50 staplers to Aaron Enterprises at a list price of $12 per stapler.
b. May 5: Fuente accepted four staplers returned by Aaron Enterprises.
c. May 10: Aaron paid for the 46 staplers they kept.
d. May 11: Fuente sold 25 filing cabinets to Buckles Corporation at a list price of $70 per cabinet.
e. May 23: Buckles returned five filing cabinets that it did not need.
f. June 4: Buckles paid for the 20 filing cabinets they kept.

Required:
Prepare journal entries for each of these transactions assuming Fuente records sales using the gross method.

 

Reference no: EM13511663

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