The following selected transactions were complete by Burton Comp


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The following selected transactions were complete by Burton Comp 1 answer below » The following selected transactions were complete by Burton Company during July of the current year. Burton Company uses the periodic inventory system. July 2. Purchased $24,000 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $500 on the July 2 purchase. 6. Returned $4,000 of the merchandise purchases on July 2. 13. Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000. 15. Paid freight of $100 for the merchandise sold on July 13. 17. Paid for the purchases of July 2 less the return and discount. 23. Received View complete question » The following selected transactions were complete by Burton Company during July of the current year. Burton Company uses the periodic inventory system. July 2. Purchased $24,000 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $500 on the July 2 purchase. 6. Returned $4,000 of the merchandise purchases on July 2. 13. Sold merchandise on account, $15,000, FOB destination, 1/10, n/30. The cost of merchandise sold was $9,000. 15. Paid freight of $100 for the merchandise sold on July 13. 17. Paid for the purchases of July 2 less the return and discount. 23. Received payment on account for the sale of July 13 less the discount. Journalize the entries to record the transactions of Burton Company. View less » Oct 11 2013 08:05 AM

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