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In: Accounting

the following trasaction occured between sweetums candies and corner store drug store during february of the...

the following trasaction occured between sweetums candies and corner store drug store during february of the current year

feb 6 corner purchased $50,000 of merchandise from sweetums on credit terms 2/10 , n/30 ,fob shipping point . separately , corner paid a $2000 bill for freight-in . sweetums invoice corner for $50000 .

february 15 corner returned $7,000 of the merchandise purchased on february 6. seetums issued a credit memo for this amount.

february 15 corner paid $24,000 of the invoice amount owned to sweetums for the feebruary 6 purchase. this paymenyt included none of the freight charge

. february 27 corner paid the remaining amount owned to sweetums for the febuary 6 purchase.

required: journalize theses transaction, first on the book of corner store and second on the book of sweetums candies. Assume both companies use the periodic inventory and discounts are allowed on partial payment

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ekkarill92 answered 1 year ago
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