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Accounting HW




Option #2: Journal Entries for Merchandising Activities;Prepare an Excel spreadsheet of the journal entries for the first part of August 2014 for the Pit Bull Sings T-shirt Distributors, based on the following information;Assignment Template;AUG 1 ? Purchased merchandise from Aerotek Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.;AUG 4 ? At Aerotek?s request, Pit Bull Sings paid $200 cash for freight charges on the August 1 purchase, reducing the amount owed to Aerotek.;AUG 5 ? Sold merchandise to Laird Corp. for $5,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had a cost of $4,000.;AUG 8 ? Paid Aerotek for purchase on August 1 within the discount period.;AUG 9 ? Received payment from Laird for sale on August 4 within the discount period.;Instructions;Complete this assignment using an Excel spreadsheet, and date and explain each entry on your deliverable.


Paper#73789 | Written in 18-Jul-2015

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