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Prepare journal entries for february

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Question - Prepare journal entries for February 2014 to record the following transactions for Dylex Corporation. Assume a perpetual inventory system.

-February 7: Dylex Corporation's merchandise that cost $6,720 was sold to ABC Inc. for $8,400 under credit terms of n/60, FOB shipping point.

-February 8: Dylex Corporation sold merchandise to Segura Corporation for $7,200 under credit terms of n/60, FOB shipping point. The merchandise had cost $5,760.

-February 14: ABC Inc. requested a price reduction on the February 7 sale because the merchandise did not meet specifications. Sent ABC Inc. a credit memorandum for $1,600 to resolve the issue.

-February 15: Received Segura Corporation's payment of the amount due from the February 8 sale.

-February 19: Dylex Corporation sold merchandise to Northstar Corp. that cost $4,845 for $5,700 cash.

-February 22: Received ABC Inc.'s payment of the amount due from the February 7 sale. Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry.

Reference no: EM133062978

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