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The following selected transactions were completed during June between Frank Company and Johnson Company:
1. June 6 – Frank Company sold merchandise on account to Johnson Company, $15,000, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $12,000.
2. June 6 – Frank Company paid transportations costs of$ 100 for delivery of merchandise sold to Johnson Company on June 8.
3. June 12 – Johnson Company returned $4,000 of merchandise purchased on account on June 6th from Frank Company. The cost of the merchandise returned was $3,000.
4. June 20 – Johnson Company paid Frank Company for the purchase of June 8th, less discount and less return of June 12th.
Illustrate the effects of each of the preceding transactions on the balance sheets of (1) Frank Company and (2) Johnson Company. Identify each transaction by date.
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