The following transactions occurred between Wentworth Pharmaceuticals and Arnold Drug Stores during June of the current year:
Jun. 6 Arnold purchased $29,400 of merchandise from Wentworth on credit terms 2/10, n/30, FOB shipping point. Separately, Arnold paid freight-in of $300. Wentworth invoiced Arnold for $29,400.
10 Arnold returned $3,600 of the merchandise purchased on June 6. Wentworth issued a credit memo for this amount.
15 Arnold paid $12,000 of the invoice amount owed to Wentworth for the June 6 purchase. This payment included none of the freight charge.
27 Arnold paid the remaining amount owed to Wentworth for the June 6 purchase.
Required
Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Wentworth Pharmaceuticals. Assume both companies use the periodic inventory system.
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