May-04 May-18

May-05

Seller's POV SANA

DATE DR CR
May-04 Accounts Receivable 162,000.00
Sales 162,000.00
To record the sold merchandise on account
Terms FOB Destination, 2/10, n/30 with
freight charges amounted to 2,000

May-05 Accounts Receivable 710,000.00

Sales 710,000.00
To record the sold merchandise on account
Terms FOB Shipping Point, 2/10, n/30 with
freight charges amounted to 8,000

May-06 N JE

May-07 Sales Return and Allowances 12,000.00

Accounts Receivable 12,000.00

May-09 Cash 147,000.00

Sales Discount 3,000.00
Accounts Receivable 150,000.00

May-10 Freight Out 2,000.00

Accounts Receivable 2,000.00

May-12 Cash 695,800.00

Sales Discount 14,200.00
Accounts Receivable 710,000.00

May-18 Accounts Receivable 150,000.00

Sales 150,000.00
To record the sold merchandise on account
terms 40% trade discount; FOB Shipping Point
2/10, n/30

May-21 Accounts Receivable 3,000.00

Cash 3,000.00

May-23 Cash 150,000.00

Sales Discount 3,000.00
Accounts Receivable 153,000.00
 Buyer's POV ALL
DATE DR CR
May-04 Purchases 162,000.00
Accounts Payable 162,000.00
To record the purchase of merchandise on account
Terms FOB Destination, 2/10, n/30 with
freight charges amounted to 2,000

May-05 Purchases 710,000.00

Accounts Payable 710,000.00
To record the purchase of merchandise on account
Terms FOB Shipping Point, 2/10, n/30 with
freight charges amounted to 8,000

May-06 Freight In 8,000.00

Cash 8,000.00
To record the payment for the transportation cost

May-07 Accounts Payable 12,000.00

Purchase Return and Allowances 12,000.00

May-09 Accounts Payable 150,000.00

Cash 147,000.00
Purchase Discount 3,000.00

May-10 Accounts Payable 2,000.00

Cash 2,000.00

May-12 Accounts Payable 710,000.00

Cash 695,800.00
Purchase Discount 14,200.00

May-18 Purchases 150,000.00

Accounts Payable 150,000.00
To record the purchase of merchandise on account
terms 40% trade discount; FOB Shipping Point
2/10, n/30

May-21 Freight in 3,000.00

Accounts Payable 3,000.00

May-23 Accounts Payable 153,000.00

Cash 150,000.00
Purchase Discount 3,000.00