Fox CorpEngaged in the Following Transactions During the Month of June

question 56

Essay

Fox Corp.engaged in the following transactions during the month of June:
$\begin{array}{ll}\text { June } 1 & \text { Made cash sales of } \$ 8,000 \\5 & \text { Made credit sales of } \$ 21,000, \text { terms } 2 / 10, \mathrm{n} / 30 . \\9 & \text { Customers returned } \$ 500 \text { of merchandise from the June } 5 \text { sale because it was defective. } \\14 & \text { Received payment for balance due on the June } 5 \text { sale. } \\19 & \text { Sold land that had originally cost } \$ 8,500 \text { for } \$ 10,000 \text { cash }\end{array}$
Required:
Record these transactions in a general journal, assuming Fox uses a periodic inventory system.

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Definitions:

Atmospheric

Pertaining to the Earth's atmosphere, it encompasses all the layers of gas surrounding the planet, crucial for weather and climate conditions.

Yearly Variations

Changes that occur on an annual basis in various environmental or climatic factors, such as temperature, precipitation, and day length.

Playa

A shallow, closed basin in a generally dry environment.

Alluvial Fan

A fan or cone-shaped deposit of sediment built up by streams, typically found where a fast-flowing river flattens, slows, and spreads typically at the mouth of a canyon.