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University Of New Mexico Operations And Supply Chain Management Assignment Help - Black Company


Question - Problem 5-2A Preparing journal entries for merchandising activities-perpetual system L.O. P1, P2
July 1
Purchased merchandise from Black Company for $6,000 under credit terms of 1/15, n/30, FOB
shipping point, invoice dated July 1.
2
Sold merchandise to Coke Co. for $800 under credit terms of 2/10, n/60, FOB shipping point, invoice
dated July 2. The merchandise had cost $500.
3
Paid $100 cash for freight charges on the purchase of July 1.
8 Sold merchandise that had cost $1,200 for $1,600 cash.
9
Purchased merchandise from Lane Co. for $2,300 under credit terms of 2/15, n/60, FOB destination,
invoice dated July 9.
11
Received a $200 credit memorandum from Lane Co. for the return of part of the merchandise
purchased on July 9. ...Read More

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