Business, 18.03.2020 01:22 leapfroggiez

Record the following transactions of Fronke’s Fashions in a general journal assuming that they use the periodic system.

DATE TRANSACTIONS
2013
April 1 Purchased merchandise for cash, $1,280.
2 Returned merchandise for cash purchased on April 1; received a cash refund of $115.
4
Purchased merchandise on credit from Ramos Distributors, Invoice 125, $668, terms n/30; freight of $43 prepaid by Ramos and added to the invoice.

7
Returned damaged merchandise purchased on April 4 from Ramos Distributors; received Credit Memorandum 202 for $50.

30
Paid the amount due to Ramos Distributors for the purchase of April 4, less the return on April 7, Check 1458.

2.

Record the following transactions of J. Min Designs in a general journal assuming that they use the periodic system.

DATE TRANSACTIONS
2013
April 1
Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $2,200, terms 2/10, n/30; freight of $44 added paid by O’Rourke Fabricators and added to the invoice (total invoice amount, $2,244).

9
Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.

15
Purchased merchandise on credit from Kroll Company, Invoice 145, $1,350, terms 2/10, n/30; freight of $85 prepaid by Kroll and added to the invoice.

17
Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50.

24
Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percent discount, Check 470.

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