Fruit & Company sells fruit in large quantities on account, uses a perpetual inventory system and a sales journal. Standard terms of sale are 2/10, n/30. Record the following transactions for the month of April, 2020 in the journal provided. Total the columns for the month.
Transactions:
April 2 Sold

\$ 300

of Apples and

\$ 500

of Oranges to ABC Company, cost

\$ 640

.
April 5 Sold

\$ 400

of Apples,

\$ 600

of Bananas plus

\$ 700

of Oranges to WMS Company, cost

\$ 1,445

.
April 10 Sold

\$ 200

of Apples plus

\$ 800

of Bananas to

X Y Z

Company, cost

\$ 790

.
April 14 Sold

\$ 350

of Apples,

\$ 450

of Bananas plus

\$ 300

of Oranges to WMS Company, cost

\$ 935

.
April 21 Sold

\$ 150

of Apples and

\$ 750

of Oranges to ABC Company, cost

\$ 788

.
April 23 Sold

\$ 600

of Bananas plus

\$ 700

of Oranges to

X Y Z

Company, cost

\$ 1105

.
April 28 Sold

\$ 800

of Apples,

\$ 500

of Bananas plus

\$ 900

of Oranges to WMS Company, cost

\$ 1,870

.
Here is the Sales Journal for April, 2020:

	Account		Accts. Rec., Dr.	Cost of Goods Sold, Dr.
Date	Debited	Terms	Sales, Cr.	Inventory, Cr.
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________
________	________	________	________	________

Credit Terms of 1/10, N/30 Mean That

Multiple Choice

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