| | Module 6 |
| | The following are the transactions for Candies Galore for the month of January. |
| | During January the following transactions occurred: |
| | 8-Jan | Purchased $5,900 of merchandise from The Chocolate Shop. |
| | | Terms 2/15, n/45, FOB shipping point. The Chocolate Shop prepaid $350 in shipping and added it to the invoice |
| | 10-Jan | Purchased $350 of supplies on account from The Office Barn |
| | | Terms 2/10, n/30, FOB destination |
| | 14-Jan | Sold $950 (cost $500) of merchandise on account to Maple Fair. |
| | | Terms 3/15, n/45, FOB destination |
| | 15-Jan | Paid $75 freight charges to deliver goods to Maple Fair |
| | 17-Jan | Returned $1400 of the merchandise purchased on January 8 and received credit |
| | 18-Jan | Sold $650 (cost $350) of merchandise to cash customers |
| | 19-Jan | Paid for the supplies purchased on January 10 |
| | 22-Jan | Paid the Chocolate Shop the amount due from the January 8 purchase in full |
| | 24-Jan | Maple Fair returned $175 (cost $100) of merchandise from the January 14 sale |
| | 25-Jan | Purchased $2100 of inventory for cash |
| | 28-Jan | Received payment in full from Maple Fair for the January 14 sale. |
| | Requirements: |
| | 1 | Journalize the transactions (explanations are not necessary). |
| | | Date | | Accounts | | | | | | Post Ref. | | Debit | | Credit |
| | 2 | Determine Candies Galore's gross profit for January. |
mflmik
assignment_mod_06_1.xlsx
