Duvall Ltd. And Pele Ltd. Incurred the following merchandising transactions in June. June...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Duvall Ltd. And Pele Ltd. Incurred the following merchandising transactions in June.
June 10 Duvall sold $5,000 of merchandise to Pele, terms n/30, FOB shipping point. The merchandise cost Duvall $3,000 when it was originally purchased.
June 11 Freight costs of $250 were paid by the appropriate company.
June 12 Duvall received damaged goods returned by Pele. The goods were originally sold for $500; the cost of the returned merchadise was $300.
June 19 Duvall received full payment from Pele.
Instructions:
Prepare all journal entries, in proper format for:
- the seller, Duvall Ltd. who uses the perpetual system, and
- the buyer, Pele Ltd. who uses the periodic system.
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: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.