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    Merchandising Finals

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    ROB101512
    Montrose Company completed various transactions during May relating to purchases and sales of merchandise using a perpetual inventory system. Transactions included purchases from and returns to suppliers Floyd Co. and Kramer Co., sales to customers C.F. Howell Co., Comer Co. and through non-bank credit cards, and payments and receipts from these transactions.

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    Merchandising Finals

    Uploaded by

    ROB101512
    638 views3 pages
    Montrose Company completed various transactions during May relating to purchases and sales of merchandise using a perpetual inventory system. Transactions included purchases from and returns to suppliers Floyd Co. and Kramer Co., sales to customers C.F. Howell Co., Comer Co. and through non-bank credit cards, and payments and receipts from these transactions.

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    Montrose Company completed various transactions during May relating to purchases and sales of merchandise using a perpetual inventory system. Transactions included purchases from and returns to suppliers Floyd Co. and Kramer Co., sales to customers C.F. Howell Co., Comer Co. and through non-bank credit cards, and payments and receipts from these transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    638 views3 pages

    Merchandising Finals

    Uploaded by

    ROB101512
    Montrose Company completed various transactions during May relating to purchases and sales of merchandise using a perpetual inventory system. Transactions included purchases from and returns to suppliers Floyd Co. and Kramer Co., sales to customers C.F. Howell Co., Comer Co. and through non-bank credit cards, and payments and receipts from these transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Montrose Company completed the following transactions during May of the current year.

    Montrose Company uses a perpetual inventory system.

    May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping
            point, 2/10, n/30, with prepaid transportation costs of $120 added to the
    invoice.
      5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB
            destination, 1/10, n/30.
      6. Sold merchandise on account to C. F. Howell Co., list price $4,000, trade
            discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,125.
          8.     Purchased office supplies for cash, $150.
          10.     Returned merchandise purchased on May 5 from Kramer Co., $1,300.
          13.     Paid Floyd Co. on account for purchase of May 3, less discount.
          14.     Purchased merchandise for cash, $10,500.
      15. Paid Kramer Co. on account for purchase of May 5, less return of May 10 and
            discount.
          16.     Received cash on account from sale of May 6 to C. F. Howell Co., less discount.
      19. Sold merchandise on nonbank credit cards and reported accounts to the card
            company, American Express, $2,450. The cost of the merchandise sold was
    $980.
      22. Sold merchandise on account to Comer Co., $3,480, terms 2/10, n/30. The
            cost of the merchandise sold was $1,400.
      24. Sold merchandise for cash, $4,350. The cost of the merchandise sold was
            $1,750.
      25. Received merchandise returned by Comer Co. from sale on May 22, $1,480.
            The cost of the returned merchandise was $600.
      31. Received cash from card company for nonbank credit card sales of May 19, less
            $140 service fee.
    May 2    Cost of Merchandise Sold    $3,750               Merchandise Inventory         $3,750

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