Valcomb wholesale distributor made the following, Ask an Expert

Accounting

Valcomb Wholesale Distributor made the following transactions in year 6. Record all the transactions in general journal form.

Aug 8th bought inventory on account from Fountain Mfg. company for $11,300.00. terms 2.5/10, net 30.

Aug 11th paid $315 to Hare transport for shipping charges for inventory we are acquiring

Aug 13th sold merchandise on acct. to Alixx Co. for $105,500. All on acct. sales are with terms 1.5/10, net 30.This merchandise cost us $52,750.

Aug 16th Fountain Mfg. Company issued us a 600.00 credit memo related to our purchase made on Aug 8th.

Aug 17th sold merchandise on acct. to Tyrone Sports Co. for $109,100. This merchandise cost us 90,255

Aug 17th fully paid what is owed to Fountain Mfg.

Aug 20th Alixx Co. returned half of what they purchased on the 13th.

Aug 21st Alixx Co. fully paid what they owe us.

Sept. 1st Tyrone Sports paid half of what they owe us.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91393766

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