Sep. Purchased merchandise inventory on account from Simmon Wholesalers, $6,000

Question

Sep. Purchased merchandise inventory on account from Simmon Wholesalers, $6,000 Terms 1/15, n/EOM, FOB shipping point. 3 4 Paid freight bill of $65 on September 3 purchase 4 Purchase merchandise inventory for cash of $1,900 6 Returned $600 of inventory from September 3 purchase 8 Sold merchandise inventory to Hilton Company, $6,200, on account. Terms 3/15, n/35. Cost of goods, $2,542 9 Purchased merchandise inventory on account from Tristan Wholesalers, $10,500 Terms 1/10, n/30, FOB destination Made payment to Simmon Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount After negotiations, received a $100 allowance from Tristan Wholesalers Sold merchandise inventory to Jesper Company, $3,500, on account. Terms n/EOM, Cost of goods, $1.610 10 12 13 15

Explanation / Answer

Answer:

Cash a/c                  Dr.       6014

Sales Discount a/c   Dr.         186

         To Accounts Receivable         6200

6200 x 3% = 186

       

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