Business, 15.04.2021 09:30, dreamdancekay
Problem 2 (9 points)
ABC Company had the following transactions during the year. Assume that perpetual inventory system is used.
5 Jan 2021 Purchased a merchandise on account from XYZ for $77,000, terms FOB destination, 3/10, n/30
22 Feb 2021 Sold merchandise for cash $46,000 to DOF. The cost of the merchandise sold was $31,000
13 March 2021 Purchased inventory on account from KMG for $32,000, terms FOB shipping point 1/15, n/30 with prepaid freight of $600
1 April 2021 Returned $17,000 of merchandise purchased on 5 Jan 2021 receiving full credit
3 May 2021 Received 25% of sales from DOF
1 June 2021 Paid $15,000 to KMG
7 July Paid VISA service fees of $2,570
Requirement: Journalize each transaction
Answers: 3
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Problem 2 (9 points)
ABC Company had the following transactions during the year. Assume that perpet...
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