Business, 21.05.2020 00:04 Kwasi214

Jan. 2 Purchased $21,600 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $450 on the January 2 purchase. 6 Returned $4,400 of the merchandise purchased on January 2. 13 Sold merchandise on account, $6,500, FOB destination, 1/10, n/30. The cost of merchandise sold was $4,700. 15 Paid freight of $150 for the merchandise sold on January 13. 17 Paid for the purchase of January 2 less the return and discount. 23 Received payment on account for the sale of January 13 less the discount. Journalize the entries to record the transactions of Air Systems Company. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Jan. 2 Purchased $21,600 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid fre...

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