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 |
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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