P5-4A
26 Paid Baker Manufacturing for the May 14 purchase.
29 Paid Charles Industries for the May 18 purchase.
Required following headings:
Transaction Debit Amount Credit Amount Date Account Balance
Purchases during the month of June:
June 1 Purchased on account merchandise for resale for $10,000; terms were 2/10, n/30.
3 Paid $550 cash for freight on the June 1 purchase.
7 Returned merchandise costing $600 (part of the $10,000 purchase).
10 Paid for merchandise purchased on June 1.
13 Sold merchandise on account costing $8,000 for $10,000; terms were 2/10, n/30 (part of the $10,000 sale).
22 Received payment from customer for merchandise sold on June 13.
Required:
Net sales.... Cost of goods sold...
$250,000 Administrative expenses....... $10,000 150,000 Other income....... $15,000 50,000 $10,000
Required product offering?
Ann Stres paid freight Southwick sold $7,100 worth of merchandise Southwick.
2/10, n/30
