Jones Enterprises likes to take advantage of purchase & sales discounts for early payment at the time they make payment.

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Jones Enterprises Likes To Take Advantage Of Purchase Sales Discounts For Early Payment At The Time They Make Payment 1 (33.44 KiB) Viewed 56 times

Jones Enterprises likes to take advantage of purchase & sales discounts for early payment at the time they make payment. Make the following journal entries during the month of June, ignoring the effect of sales taxes. (11 marks): Jun 4 Sold inventory costing $3,147 to Amaze-On Inc. on credit for $4.880. Terms 3/10 net 30. Jun 8 Amaze-On Inc. paid their account for the full amount Jun 15 Purchased inventory costing $8,440 froid Jones Wholesaler Co, on credit. Terms 3/10 net 30 Jun 23 Sent a payment to Jones Wholesaler Co. for $2.000 Jun 26 $989 of the merchandise sold on Jun 4 to Amaze-On Inc. was damaged and not salvageable. They want a credit on account. Jun 29 Jones Enterprises discovered that $1.047 worth of merchandise is defective and returned it to Jones Wholesaler Co, for adjustment to the account