Acc121 Survey of Accounting: P4-5 The following selected transactions (Sallis and Byce Company)

Acc121 Survey of Accounting
P4-5
The following selected transactions were completed during April between Sallis Company and Byce Company.
April 8. Sallis Company sold merchandise on account to Byce Company, $21,600, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $13,000.
April 8. Sallis Company paid transportation costs of $879 for delivery of merchandise sold to Byce Company on April 8.
April 12. Byce Company returned $5,000 of merchandise purchased on account on April 8 from Sallis Company. The cost of the merchandise returned was $2,900
April 23. Byce Company paid Sallis Company for purchase of April 8, less discount and less return of April 12.
April 24. Sallis Company sold merchandise on account to Byce Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000.
April 26. Byce Company paid transportation charges of $400 on April 24 purchase from Sallis Company.
April 30. Byce Company paid Sallis Company on account for purchase of April 24.

Instructions:
Illustrate the effects of each of the preceding transactions on the accounts and financial statements of (1) Sallis Company and (2) Byce Company. Identify each transaction by date.
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