Business, 24.01.2020 03:31 pringleosmond

P4-5 sales and purchase-related transactions for seller and buyer the following selected transactions were completed during june between snipes company and beejoy company:

june 8. snipes company sold merchandise on account to beejoy company, $18,250, terms fob destination, 2/15, n/eom. the cost of the merchandise sold was $10,000.

8. snipes company paid transportation costs of $400 for delivery of merchandise sold to beejoy company on. june 8.

12. beejoy company returned $5,000 of merchandise purchased on account on june 8 from snipes company. the cost of the merchandise returned was $3,000. 23. beejoy company paid snipes company for purchase of june 8, less discount and less return of june 12.

24. snipes company sold merchandise on account to beejoy company, $15,000, terms fob shipping point, n/eom. the cost of the merchandise sold was $9,000. 26. beejoy company paid transportation charges of $375 on june 24 purchase from snipes company.

30. beejoy company paid snipes company on account for purchase of june 24.

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Answer from: viicborella

In the books of Snipes Company following transactions would be made

Date Account Dr Cr

June 8 Beejoy Company $ 18,250

Sales $ 18,250

( 2/15 . n/oem 2 % discount for payment with in fifteen days )

June 8. Freight Charges $ 400

Cash $ 400

June 12 Cash $ 12, 985

Sales returns $ 5000

Discount Allowed $ 265

Beejoy Company $ 18250

To record the cash payment for $ 13250 and discount is 2 % of $ 13 250 is $ 265

June 24. Beejoy Company $15,000

Sales $ 15,000

Sale made on account to Beejoy Company n/oem

June 24 Cash $ 375

Freight Charges $ 375

Payment of freight by Beejoy company

June 30 Cash $ 14700

Discount Allowed $ 300

Beejoy Company $ 15,000

Discount of 2 % on $ 15000 is $ 300

Recording of payment made be Beejoy Company

Answer from: Quest

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Answer from: Quest

answer the amount a seller is paid minus the cost of production;

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P4-5 sales and purchase-related transactions for seller and buyer the following selected transaction...

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