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The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year May 4 Kinzer Furniture purchased $5800 of merchandise from M & L Furniture

The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year:

May 4 Kinzer Furniture purchased $5,800 of merchandise from M & L Furniture Warehouse on account, terms 2/15, n/30, FOB shipping point.

The goods cost M & L Furniture Warehouse $3,300.

7 Kinzer Furniture paid a $125 freight bill for delivery of the goods purchased on May 4.

10 Kinzer Furniture returned $1,400 of the merchandise purchased on May 4.

The goods cost M & L Furniture Warehouse $800.

18 Kinzer Furniture paid $2,000 of the May 4 invoice less the discount.

31 Kinzer Furniture paid the remaining amount owed on the May 4 invoice.

Apr 01 2020 View more View Less

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