The following selected transactions were completed during

May between Sky

The following selected transactions were completed during May between Sky Company and Big
Co.:May 1. Sky Company sold merchandise on account to Big Co., $72,000, terms FOB
destination, 2/15, n/eom. The cost of the merchandise sold was $43,200.2. Sky Company paid
freight of $3,000 for delivery of merchandise sold to Big Co. on May 1.5. Sky Company sold
merchandise on account to Big Co., $48,500, terms FOB shipping point, n/eom. The cost of the
merchandise sold was $30,000.6. Big Co. returned $12,000 of merchandise purchased on
account on May 1 from Sky Company. The cost of the merchandise returned was $7,200.9. Big
Co. paid freight of $1,800 on May 5 purchase from Sky Company.15. Sky Company sold
merchandise on account to Big Co., $64,000, terms FOB shipping point, 1/10, n/30. Sky
Company paid freight of $2,500, which was added to the invoice. The cost of the merchandise
sold was $38,400.16. Big Co. paid Sky Company for purchase of May 1, less discount and less
return of May 6.25. Big Co. paid Sky Company on account for purchase of May 15, less
discount.31. Big Co. paid Sky Company on account for purchase of May
5.InstructionsJournalize the May transactions for (1) Sky Company and (2) Big Co.View
Solution:
The following selected transactions were completed during May between Sky
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