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

question 11

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 Trendy Manufacturing for the transactions listed, assuming that Trendy uses a periodic inventory system.

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Definitions:

Work Environment

The setting, conditions, and culture in which employees perform their jobs.

Employees' Contributions

The efforts, work, and achievements of employees in their roles, which contribute to the organization's goals and success.

Wegmans

A family-owned American supermarket chain known for its dedication to customer service, quality products, and employee welfare.

Economic Approach

The method of analyzing decisions based on comparing the costs and benefits of different actions, emphasizing efficiency and utility maximization.