Question

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers.Green Lawn uses the net method under a perpetual inventory system.

July 1. Sold merchandise on account to Landscapes Co., $51,020, terms FOB shipping point, n/eom. The cost of the goods sold was $35,140.
2. Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,830.
5. Sold merchandise on account to Peacock Company, $20,100, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,270.
8. Sold merchandise for $32,300 plus 6% sales tax to retail customers who used VISA cards. The cost of the goods sold was $20,960.
13. Sold merchandise to customers who used MasterCard cards, $15,030. The cost of the goods sold was $7,540.
14. Sold merchandise on account to Loeb Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $14,740.
15. Received check for amount due from Peacock Company for sale on July 5.
16. Issued credit memo to Loeb Co. for merchandise with an invoice amount of $4,400 returned from the sale on July 14. The cost of the merchandise returned was $2,740.
18. Sold merchandise on account to Jennings Company, $7,550, terms FOB shipping point, 2/10, n/30. Paid $50 for freight and added it to the invoice. The cost of the goods sold was $5,310.
24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28. Received check for amount due from Jennings Company for sale of July 18.
31. Paid Black Lab Delivery Service $5,870 for merchandise delivered during July to customers under shipping terms of FOB destination.
31. Received check for amount due from Landscapes Co. for sale of July 1.
Aug. 3. Paid Hays Federal Bank $940 for service fees for handling MasterCard and VISA sales during July.
10. Paid $6,165 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
July 1 Accounts Receivable-Landscapes Co.
Sales
Date Account Debit Credit
July 1 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 2 Cash
Sales
Sales Tax Payable
Date Account Debit Credit
July 2 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 5 Accounts Receivable-Peacock Company
Sales
Date Account Debit Credit
July 5 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 8 Cash
Sales
Sales Tax Payable
Date Account Debit Credit
July 8 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 13 Cash
Sales
Date Account Debit Credit
July 13 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 14 Accounts Receivable-Loeb Co.
Sales
Date Account Debit Credit
July 14 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 15 Cash
Accounts Receivable-Peacock Company
Date Account Debit Credit
July 16 Customer Refunds Payable
Accounts Receivable-Loeb Co.
Date Account Debit Credit
July 16 Inventory
Estimated Returns Inventory
Date Account Debit Credit
July 18 Accounts Receivable-Jennings Company
Sales
Date Account Debit Credit
July 18 Accounts Receivable-Jennings Company
Cash
Date Account Debit Credit
July 18 Cost of Goods Sold
Inventory
Date Account Debit Credit
July 24 Cash
Accounts Receivable-Loeb Co.
Date Account Debit Credit
July 28 Cash
Accounts Receivable-Jennings Company
Date Account Debit Credit
July 31 Delivery Expense
Cash
Date Account Debit Credit
July 31 Cash
Accounts Receivable-Landscapes Co.
Date Account Debit Credit
Aug. 3 Credit Card Expense
Cash
Date Account Debit Credit
Aug. 10 Sales Tax Payable
Cash
0 0
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replace merchandise inventory with invetory
Date Account Debit Credit
1-Jul Accounts receivable-Lad sacpes 51,020
sales 51,020
cost of goods sold 35,140
Merchandise inventory 35,140
2-Jul Cash 11,713
Sales 11,050
Sales tax payable 663
cost of goods sold 6,830
merchandise inventory 6,830
5-Jul Accounts receivable-peacock 20,097
sales 20,097
cost of goods sold 12,270
Merchandise inventory 12,270
8-Jul Cash 34,238
Sales 32,300
Sales tax payable 1938
cost of goods sold 20,960
merchandise inventory 20,960
13-Jul Cash 15,030
sales 15,030
cost of goods sold 7,540
Merchandise inventory 7,540
jlu 14 Accounts receivable-Loeb Co 27,225
sales 27,225
cost of goods sold 14,740
Merchandise inventory 14,740
15-Jul Cash 20,097
Accounts receivable peacock 20,097
16-Jul Sales return & allowance/customer refunds payable 4,356
Accounts recievable-Loeb co 4,356
Merchandise inventory 2740
cost of goods sold 2740
18-Jul Accounts receivable jennings 7449
Sales - 7,449
cost of goods sold 5,310
Merchandise inventory 5,310
24-Jul Cash 22,869
Accounts receivable loeb 22,869
28-Jul Cash 7449
Accont receivable -jennings 7,449
31-Jul Delivery expense 5,870
cash 5,870
31-Jul Cash 51,020
Account receivable-landscape 51,020
3-Aug Credit card expense 940
cash 940
10-Aug Sales tax payable 6,165
cash 6,165
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