| July |
1 |
Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
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2 |
Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500.
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3 |
Paid $125 cash for freight charges on the purchase of July 1.
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8 |
Sold merchandise that had cost $1,300 for $1,700 cash. |
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9 |
Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
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11 |
Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
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12 |
Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
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16 |
Paid the balance due to Boden Company within the discount period.
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19 |
Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
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21 |
Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19.
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24 |
Paid Leight Co. the balance due after deducting the discount.
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30 |
Received the balance due from Art Co. for the invoice dated July 19, net of discount.
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31 |
Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
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Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system.