Question

On june 10 2016, Loli Corp purchase merchandise from Sasa Corp. $50.000 subject to, FOB Shipping Point, terms 2/10, n / 30. On june 11th,loli corp paid a freight fee of $ 600. Then, on june 14, loli Corp. returns to sasa Corp. for $ 3.000. The Fair Value price of the return is $2.000. On june 20, 2016, loli Corp. make full payment for the purchase of goods to sasa Corp. The two companies use a perpetual inventory system in their accounting records.

-make general journal using perpetual inventory system
-journal all the sasa corp transaction into the general journal. If COGS merchandise purchased by loli Corp. on june 10 for $25.000.

Answer 1

Date	General Journal	Debit	Credit
June 10	Accounts Receivable	50,000
	Sales Revenue		50,000
	Cost of Goods Sold	25,000
	Inventory		25,000
June 14	Sales Returns and Allowances	3,000
	Accounts Receivable		3,000
	Inventory	2,000
	Cost of Goods Sold		2,000
June 20	Cash	46,060
	Sales Discounts (47,000 x 2%)	940
	Accounts Receivable		47,000