Business, 01.04.2021 18:20 thajaalalqo

Prepare journal entries for the following August transactions at the Moore Company: August 1 Purchased merchandise on account from Norris, Inc., $4,000, terms 2/10, n/30. 5 Sold merchandise to Denton Company, $5,500 on account. The cost of the merchandise is $4,100. 7 Returned $800 of merchandise purchased August 1 from Norris, Inc. because it was defective. Norris approved the return. 8 Purchased goods from Chambers, Inc., FOB shipping point, with a price of $9,000, 1/10, n/30. Shipping costs are $300. 9 Sold merchandise to Baker Company, FOB shipping point, with a price of $12,000, 2/10, n/45. Shipping costs are $350. Cost of the goods are $6000. 10 Returned merchandise to Chambers, Inc. (see August 8 entry), $2,300. Chambers approves this. 11 Paid Norris, Inc. the amount owed, less the return on August 7. 15 Received payment from Denton Company (see August 5 entry). 17 Baker Company returned merchandise, $ 1,700. Cost of the returned merchandise, $650. 18 Paid Chambers, Inc., less the return on August 10. 19 Received payment from Baker Company, less return on August 17.

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Prepare journal entries for the following August transactions at the Moore Company: August 1 Purchas...

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