Answer Happy

Instructions: Journalize the following selected transactions that were completed by Old Towne Co. during September of the current year. Old Towne Co. uses the perpetual inventory system (Keep track of how much each customer owes.) 2011 Sept. 4 Sold merchandise on account to Baxter Co. $15,000, terms FOB shipping point, n/30. The cost of merchandise sold was $9,750. 6 Sold merchandise on account to Ryder, Inc., $22,000, terms FOB destination, 1/10, 1/30. The cost of merchandise sold was $16,500. 10 Baxter Co. returned $5,000 of the merchandise on the sale of September 4. The cost of the returned merchandise was $3,750. 16 Received payment from Ryder, Inc. for the amount of the invoice dated September 6, less the discount taken. 30 Received payment from Baxter, Inc. for the amount of the invoice dated September 4, less the return on September 10. GENERAL JOURNAL Page DATE DESCRIPTION POST REF DEBIT CREDIT 2 3 4 5 6 7 8 9 10 11 12 13