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Merchandising Operations

Merchandising Operations. Chapter 5 Exercises. Purchase and Sales Transactions. In-Class Exercise (Form groups and work exercise): Exercise No. Page E5-20 335 Journalizing Purchase and Sales Transactions.

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Merchandising Operations

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  1. Merchandising Operations Chapter 5 Exercises

  2. Purchase and Sales Transactions • In-Class Exercise (Form groups and work exercise): Exercise No.Page E5-20 335 Journalizing Purchase and Sales Transactions

  3. Purchase and Sales Transactions Journalize the following transactions for Soul Art Gift Shop. Explanations are not required Feb. 3 Purchased $2,700 of merchandise inventory on account under terms 4/10, n/eom and FOB shipping point. 7 Returned $400 of defective merchandise purchased on February 3. 9 Paid freight bill of $100 on February 3 purchase. 10 Sold merchandise inventory on account for $4,350. Payment terms were 2/15, n/30. These goods cost the company $2,300. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. 16 Granted a sales allowance of $500 on the February 10 sale. 23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount.

  4. Purchase and Sales Transactions

  5. Purchase and Sales Transactions Feb. 10

  6. Purchase and Sales Transactions End of Exercise

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