Sunday, March 31, 2013

Shehgarlynn Mini Mart


The following are the daily business transaction of Shehgarlynn Mini Mart:

January 1, 2013  bought $6,500 of merchandise on account, terms 3/10, 2/15, n/30, from Yosores Company,

January 3, 2013 Sales on credit to Gary Co. amounted to $3,750, terms 2/10, n/30.

January 10, 2013 Gary Co. return of $570.00 on goods sold on Jan. 3, 2013

January 14, 2013 Received a cash from Gary Co. in payment of the goods sold on Jan. 3.

January 15, 2013 Sent a check # 025, amounting  to Yosores Co. in payment of purchase made on January 1,

January 18, 2013 Purchased merchandise on credit to Shehlynn Co. for $8,500, terms 3/10, 2/15, n/30.
                                     
January 25, 2013 Some items purchased from Shehlynn Co. are returned amounted $950 in goods purchased on January 18.

January 29, 2013 Paid for freight charges on purchase of Jan. 1. amounting $250.
                                     
January 31, 2013 Paid to Shehlynn Co., the total amount in payment of purchase made on January 18.

Prepare the Net Income of Shehgarlynn Mini Mart


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