The following are transactions for Kapolei Fashions for the month of June. April...
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Accounting
The following are transactions for Kapolei Fashions for the month of June.
April Purchased $ of inventory under terms n and FOB shipping point from Ihilani Manufacturing. The merchandise had cost Ihilani $
April Returned defective merchandise to Ihilani Manufacturing with invoice price of $
April Paid the freight charges on the purchase from Ihilani Manufacturing in cash for $
April Sold merchandise to Alinui Store on account for $ with terms n FOB
shipping point. Cost of the merchandise sold was $
April Paid Ihilani Manufacturing the balance on account.
April Granted sales allowance of $ to Alinui Store for defective merchandise.
April Collected balance owing from Alinui Store.
Prepare the journal entries for Rainbow Fashions for the transactions listed, assuming that Rainbow Fashions uses a perpetual inventory system. Omit explanations.
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