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zheka24 [161]
3 years ago
5

Record the following transactions of Fronke’s Fashions in a general journal:

Business
1 answer:
Varvara68 [4.7K]3 years ago
6 0

Answer:

Fronke's Fashions

General Journal:

April 1:

Debit Purchases $2,310

Credit Cash Account $2,310

To record purchase of merchandise for cash.

April 2:

Debit Cash Account $218

Credit Purchases Returns $218

To record return of merchandise for cash.

April 4:

Debit Purchases $825

Debit Freight-in $46

Credit Accounts Payable (Breit Distributors) $871

To record purchase of merchandise on credit, Invoice 125, terms n/30

April 7:

Debit Accounts Payable (Breit Distributors) $58

Credit Purchases Returns $58

To record return of damaged merchandise, Credit Memo 202.

April 30:

Debit Accounts Payable (Breit Distributors) $813

Credit Cash Account $813

To record payment of amount due via Check 1458.

Explanation:

Journal entries are made to record business transactions as they occur on a daily basis.  The journal is the first accounting record kept about a transaction.  It shows the account that will be debited or credited in the General Ledger.

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If the contribution margin ratio for domino company is 35%, sales were $2,100,000, and fixed costs were $400,000, what was the i
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