2. Prepare journal entries to record the following transactions of the XYZ Company. July 1...
90.2K
Verified Solution
Link Copied!
Question
Accounting
2. Prepare journal entries to record the following transactions of the XYZ Company. July 1 Purchased goods from the Alfa Company for $3,000, 3/15, n/30. 2 Sold goods to Beta Co. for $900, 2/10, n/60. 8 Sold $3,500 of goods for cash. 9 Purchased goods from the Delta Co. for $4,200,5/7,n/15. 11 Received $600 cash from the return of goods purchased on July 9. 12 Received the balance due from the Beta Co. for the credit sale dated July 2, net of the discount 15 Paid the balance due to the Alfa Company within the discount period. 20 Sold goods to Gamma Co. for $1,650, 1/10, n/60. 21 Granted a $150 to Gamma Co. for an allowance on goods sold on July 19. 24 Paid the Delta Co, the balance. 30 Received the balance due from the Gamma Co. for the credit sale dated July 19, net of the discount. 31 Close all returns, allowances and discounts
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
