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chookr
Jun 20, 2008, 07:06 PM
on 11/1 purchaesd $1400.00 on credit with terms of 2/5, m/30, FOB shipping poine invoice date November 1.
On 11/5 pays cash for the 11/1 purchase
11/7 discovers and returns $100.00 of defective mdse purchased on 11-1 for refund
11/10 pays 80 sash for transportation cose with the 11/1 purchase
11/13 sells mdse for $1500 on credit. the cost of the mdse is $750.00
On 11/16 customer returns mdse for the 11/13 transaction. The returned items seel for $200.00 and cose $100.00

Can anybody help me figure out how to make the journal entries for this?
Alejandro Lim
Jun 22, 2008, 02:14 AM
on 11/1 purchaesd $1400.00 on credit with terms of 2/5, m/30, FOB shipping poine invoice date November 1.
On 11/5 pays cash for the 11/1 purchase
11/7 discovers and returns $100.00 of defective mdse purchased on 11-1 for refund
11/10 pays 80 sash for transportation cose with the 11/1 purchase
11/13 sells mdse for $1500 on credit. the cost of the mdse is $750.00
On 11/16 customer returns mdse for the 11/13 transaction. The returned items seel for $200.00 and cose $100.00

Can anybody help me figure out how to make the journal entries for this?
What is a journal entries of: Purchase equiptment 200