Professional Documents
Culture Documents
Jan 24
Purchased merchandise on account 400,000 FOB shipping point; terms
2/10, n/30. Paid LBC
express 12,000 for freight charges.
Feb 12 Sold merchandise on account to Nadine, 43,000 FOB shipping point; terms
3/10, n/60.
Feb 23 Paid the amount due on Jan 24 transaction.
Mar 7 Cash sales, 140,000.
Mar 11
Mar 13
Purchased merchandise on account 200,000 FOB destination, freight
prepaid; terms 2/10, n/30.
Apr 3 Acquired furnitures and fixtures, 21,000.
Apr 12
Apr 19
Apr 20
Apr 24
Purchased merchandise totalling 350,000 FOB shipping point, freight
prepaid; terms 2/10, n/30. Transportation costs amounted to 17,000.
April 26 Sold merchandise on account to Yassi, 240,000 FOB destination, freight
collect; terms 2/10,
n/30. Transportation cost amounted to 14,000.
May 1
May 3
June 17
Sold merchandise totaling 270,000 to Reid Company FOB destination,
freight prepaid; terms 2/10, n/60. Transportation costs amounted to 13,000.
June 29
July 17
July 20
July 21
James contributed land for 2,300,000 with 300,000 mortgage to be
assumed by the partnership.
Aug 21 Cash sales for 50,000.
Aug 29
Sept 5Sold merchandise on account to Paras Company for 300,000 FOB shipping
point; terms 2/10, n/30.
Sept 10
Sept 12
Received payment from the Paras Company less returns and
allowances.
Sept 22
Sept 26
Sold merchandise on account, FOB shipping point, freight collect
48,000 terms 2/10, n/30.
Oct 8 Sold Merchandise on account to Lustre Company, 200,000 FOB destination;
terms 2/10, n/30.
Oct 11
Oct 14
Paid LBC Express 7,000 for freight charges on the sale of Oct 8.
Oct 15
Oct 16
Nov 28
Dec 4 Paid Gonzales Company for the merchandise purchase on Nov 4 less returns
and allowances.
Dec 8 Purchased merchandise totaling 170,000 FOB destination, freight prepaid;
terms 2/10, n/30.
Dec 15
Sold merchandise to Enrique Company 250,000 FOB shipping point,
freight collect; terms 2/10, n/30.
Dec 27
*James and Jack agreed to divide profits and losses equally (50/50) every quarter.
AJE Q1 -Suppplies on hand amounted to 71,000.
AJE Q2 - Depreciation on the building, 500,000.
Depreciation on furnitures and fixtures 9,750.
AJE Q3 - Depreciation on the equipment, 175,000.
AJE Q4 - Supplies on hand, 90,000.
*(PPE must be depreciated every quarter)*