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Prepare necessary Journal Entries
Prepare the necessary general journal entries for the month of October for the Seinfeld Company for each situation given below. Seinfeld uses a perpetual inventory system.
Oct. 8
Purchased merchandise from Festivus Incorporated for $20,000 on account Credit terms: 2/10, n/30; Freight terms: FOB shipping point.
Oct.10
Paid freight bill of $470 for merchandise purchased on October 8.
Oct.15
Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled.
Oct.20
Sold merchandise for $16,000 to Cosmo Kramer on account. The cost of the merchandise sold was $10,000. Credit terms: 2/10, n/30.
Oct.25
Issued a credit memo to Cosmo Kramer for $1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $625. (Merchandise was in new condition and could be sold again.)
Oct.27
Received balance due from Cosmo Kramer for sale on October 20.
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