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Salem company sold merchandise on account

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Reference no: EM131122954

The following selected transactions were completed during August between Salem Company and Boulder Co.:

Aug. 1. Salem Company sold merchandise on account to Boulder Co., $28,600, terms FOB destination, 2/15, n/eom.

The cost of the merchandise sold was $17,000.

2. Salem Company paid freight of $500 for delivery of merchandise sold to
Boulder Co. on August 1.

5. Salem Company sold merchandise on account to Boulder Co., $18,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $10,800.

6. Boulder Co. returned $1,600 of merchandise purchased on account on August 1 from Salem Company. The cost of the merchandise returned was $960.

9. Boulder Co. paid freight of $350 on August 5 purchase from Salem Company.

15. Salem Company sold merchandise on account to Boulder Co., $36,200, terms FOB shipping point, 1/10, n/30.

Salem Company paid freight of $900, which was added to the invoice. The cost of the merchandise sold was $19,600.

16. Boulder Co. paid Salem Company for purchase of August 1, less discount and less return of August 6.

25. Boulder Co. paid Salem Company on account for purchase of August 15, less discount.

31. Boulder Co. paid Salem Company on account for purchase of August 5.

Instructions

Journalize the August transactions for (1) Salem Company and (2) Boulder Co. 

Reference no: EM131122954

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