Reference no: EM131122929
The following were selected from among the transactions completed by Sandusky Company during December of the current year:
Dec. 3. Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $900 added to the invoice.
5. Purchased merchandise on account from Deepwater Co., $18,750, terms FOB destination, 2/10, n/30.
Dec. 6. Sold merchandise on account to Zion Co., list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $14,000.
7. Returned $3,000 of merchandise purchased on December 5 from Deepwater Co.
13. Paid Hillsboro Co. on account for purchase of December 3, less discount.
15. Paid Deepwater Co. on account for purchase of December 5, less return of December 7 and discount.
16. Received cash on account from sale of December 6 to Zion Co., less discount.
19. Sold merchandise on MasterCard, $58,000. The cost of the merchandise sold was $34,800.
22. Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30. The cost of the merchandise sold was $9,000.
23. Sold merchandise for cash, $33,600. The cost of the merchandise sold was $20,000.
28. Received merchandise returned by Smith River Co. from sale on December 22, $2,400. The cost of the returned merchandise was $1,400.
31. Paid MasterCard service fee of $1,750.
Instructions
Journalize the transactions.