50.1K

Verified Solution

Link Copied!

write properly account receivable with company name and debit credit as well

Question 2 [35 points] Prepare journal entries for June 2014 to record the following transactions for Dylex Corporation. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). June 3: Dylex Corporation's merchandise that cost $4,480 was sold to Allarco Inc. for $5,600 under credit terms of 2/30, n/60, FOB shipping point. June 8: Dylex Corporation sold merchandise to X-cell Inc. for $6,200 under credit terms of 2/15, n/60, FOB shipping point. The merchandise had cost $5,270. June 11: X-cell Inc. requested a price reduction on the June 8 sale because the merchandise did not meet specifications. Sent X-cell Inc. a credit memorandum for $1,300 to resolve the issue. June 19: Received Allarco Inc.'s payment of the amount due from the June 3 sale. June 23: Received the balance due from X-cell Inc. for the sale dated June 8. June 29: Dylex Corporation's merchandise was sold to Vision Consulting Inc. for $7,300 cash. The merchandise cost $6,205. Please use the 't' and ''buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJS Date Account/Explanation F Debit Credit - + 7 + + - + 09:39

Answer & Explanation Solved by verified expert

See Answer