York Company Limited began selling thermometers and oximeters during the pandemic. They completed the following merchandising transactions in the month of Oct 2020 using a perpetual inventory system. Oct 1 2
9
10
12
15
17
19
24
27
30
Required:
Journalize
Purchased 90 items at the cost of $80 each on account, terms 2/10, n/30
Sold 55 merchandise for $140 each on account, terms 1/10, n/30. The cost of the merchandise sold was $4,400.
Received payment in full, less discounts, from customers billed on Oct 2.
Paid suppliers in full, less discount, for purchases on Oct 1.
Purchased merchandise for cash $2,400.
Received refund for poor quality merchandise from supplier on cash purchase $480.
Purchased merchandise on account for $1,700, FOB shipping point, terms 2/10, n/30.
Paid freight of $180 for Oct 17 purchase.
Sold merchandise for cash $5,600. The merchandise sold had a cost of $3,200
Paid in full for merchandise purchased on Oct 17, less discount.
Made refunds to cash customers for defective merchandise $700. The returned merchandise cost $400.
the transactions (omit explanations).