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- Mar 5, 2012
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I'm wondering if I need to record any journal entries for these transactions.
Thanks
January 5, 2012
Cottonwood placed a purchase order with the Lazy J Ranchers Emporium for $16,050 in resale merchandise. Payment terms to Lazy J Ranchers are net 30 upon receipt of goods.
Jan. 7 2012
Cottonwood received an order from the Del Norte County Rodeo in Trinity, CA for $18,000 of resale merchandise. This is a new rodeo with no credit history. Cottonwood has requested payment in full prior to the delivery of goods. The cost of the goods ordered is $10,440.
Jan. 8, 2012
A wire transfer in the amount of $18,000 is received from the Del Norte County Rodeo for payment of the order placed on January 8th. The goods are picked, packaged and shipped via UPS. Cottonwood has an account with UPS and will pay the shipping costs of $112 for this order. UPS’ payment terms are net 7 days.
Jan. 10, 2012
Cottonwood placed a purchase order with a local vendor for the new industrial shelving for the warehouse that was approved in Cottonwood’s budget. The total price for the shelving is $24,000 plus 7.25% sales tax. Installation costs are quoted at $1,200. Vendor payment terms are net 10.
Thanks
January 5, 2012
Cottonwood placed a purchase order with the Lazy J Ranchers Emporium for $16,050 in resale merchandise. Payment terms to Lazy J Ranchers are net 30 upon receipt of goods.
Jan. 7 2012
Cottonwood received an order from the Del Norte County Rodeo in Trinity, CA for $18,000 of resale merchandise. This is a new rodeo with no credit history. Cottonwood has requested payment in full prior to the delivery of goods. The cost of the goods ordered is $10,440.
Jan. 8, 2012
A wire transfer in the amount of $18,000 is received from the Del Norte County Rodeo for payment of the order placed on January 8th. The goods are picked, packaged and shipped via UPS. Cottonwood has an account with UPS and will pay the shipping costs of $112 for this order. UPS’ payment terms are net 7 days.
Jan. 10, 2012
Cottonwood placed a purchase order with a local vendor for the new industrial shelving for the warehouse that was approved in Cottonwood’s budget. The total price for the shelving is $24,000 plus 7.25% sales tax. Installation costs are quoted at $1,200. Vendor payment terms are net 10.