Table 5-6
the Following Are Transactions for Latest Fashions for the Month

question 76

Essay

Table 5-6
The following are transactions for Latest Fashions for the month of June. $\text {June 2 Purchased \(\$ 2,000\) of inventory under terms \(1 / 10 , \mathrm { n } / 60\) and \(\mathrm { FOB }\) shipp ing point from Trendy}$
$\text {Manufacturing. The merchandise had cost Trendy \(\$ 1,800\).}$
$\text {June 7 Returned defective merchandise to Trendy Manufacturing with invoice price of \(\$ 400\).}$
$\text {June 8 Paid the freight charges on the purchase from Trendy Manufacturing in cash for \(\$ 100\).}$
$\text {June 9 Sold merchandise to New Miss Store on account for \(\$ 5,000\) with terms \(2 / 15 , \mathrm { n } / 60 \mathrm { FOB }\) }$
$\text {shipping point. Cost of the merchandise sold was \(\$ 4,000\).}$
$\text {June 10 Paid Trendy Manufacturing the balance on account.}$
$\text {June 12 Granted sales allowance of \(\$ 300\) to New Miss Store for defective merchandise.}$
$\text {June 23 Collected balance owed from New Miss Store.}$
-Refer to table 5-6. Prepare the journal entries for New Miss Store for the transactions listed, assuming that New Miss Store uses a periodic inventory system.

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Definitions:

Bumping

A process in workforce management where more senior employees displace less senior ones from their positions, often in situations of layoffs or reductions in force.

Geriatric

Pertaining to the health care of elderly people, focusing on the diagnosis, treatment, and prevention of diseases in older adults.

Obstetrics/Gynecology

A medical specialty focused on childbirth and the care of women's reproductive systems.