Outdoor Equipment (OE) sells camping equipment. Journalize the following entries for the current year. OE...
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Outdoor Equipment (OE) sells camping equipment. Journalize the following entries for the current year. OE accepts Visa Card purchase (1.5% service fee) in addition to A/R and Cash. We purchase on account.
May 2 OE purchased $15,200 worth of inventory from one of its suppliers. Terms 2/10 n/30, FOBdestination with freight costing $2,000.
4 OE returned $ 500 of the merchandise received on May 2.
5 OE sold a tent and camping supplies worth $3,500 to a customer paying with Visa. Thecost of the merchandise sold was $1,750.
6 OE sold camping supplies worth $1,500 to a customer on account. Terms 1/10 n/30. Thecost of the merchandise sold was $ 750.
10 Romeo paid the invoice dated May 2.
15 The customer, from May 6 returned $ 100 of damaged merchandise. The cost of thereturned merchandise was $ 42.
19 OE received the payment from the May 6 sale.
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