Answer to Question #220655 in Accounting for zuby

Question

24 The company purchased merchandise on account at a cost of USD 345,600; terms 2/10, n/30, FOB shipping

point, freight collect.

26 The company returned USD 57,600 of the merchandise purchased June 24 to the vendor for credit.

27 A trucking company was paid USD 7,200 for delivery to Rusk Company of the goods purchased June 24.

29 The company sold merchandise on account, USD 384,000; terms 2/10, n/30.

30 Sold merchandise for cash, USD 172,800.

30 Payment was received for the sale of June 15.

30 Paid store rent for June, USD 43,200.

30 Paid the amount due on the purchase of June 24.

The inventory on hand at the close of business June 30 was USD 672,000 at cost.

a. Prepare journal entries for the transactions.

Answer 1

Dear zuby, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order