Fruit & Company Sells Fruit in Large Quantities on Account $\$ 300$

question 38

Essay

Fruit & Company sells fruit in large quantities on account, uses a perpetual inventory system and a sales journal. Standard terms of sale are 2/10, n/30. Record the following transactions for the month of April, 2020 in the journal provided. Total the columns for the month.
Transactions:
April 2 Sold $\$ 300$ of Apples and $\$ 500$ of Oranges to ABC Company, cost $\$ 640$ .
April 5 Sold $\$ 400$ of Apples, $\$ 600$ of Bananas plus $\$ 700$ of Oranges to WMS Company, cost $\$ 1,445$ .
April 10 Sold $\$ 200$ of Apples plus $\$ 800$ of Bananas to $X Y Z$ Company, cost $\$ 790$ .
April 14 Sold $\$ 350$ of Apples, $\$ 450$ of Bananas plus $\$ 300$ of Oranges to WMS Company, cost $\$ 935$ .
April 21 Sold $\$ 150$ of Apples and $\$ 750$ of Oranges to ABC Company, cost $\$ 788$ .
April 23 Sold $\$ 600$ of Bananas plus $\$ 700$ of Oranges to $X Y Z$ Company, cost $\$ 1105$ .
April 28 Sold $\$ 800$ of Apples, $\$ 500$ of Bananas plus $\$ 900$ of Oranges to WMS Company, cost $\$ 1,870$ .
Here is the Sales Journal for April, 2020:

	Account		Accts. Rec., Dr.	Cost of Goods Sold, Dr.
Date	Debited	Terms	Sales, Cr.	Inventory, Cr.
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________

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Definitions:

Informed Judgment Forecasts

Predictions about future events, trends, or behaviors made by experts using their knowledge and experience.

Generally Unreliable

Characterizes information or sources that often fail to provide accurate or dependable results or outcomes.

Fast And Inexpensive

Describes a process, solution, or service that requires minimal time and financial investment to accomplish or acquire.

Top Management

Responsible for controlling and overseeing the entire organization, setting overarching goals, and making high-level decisions.