Question

Tuwiman Co. for invoice of March 5. Instructions Journalize the entries to record the transactions of Niles Co. for March. PR 6-2B Sales-related transactions using perpetual inventory system The following selected transactions were completed by Green Lawn Supplies Co., which OBJ. 2 sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000. 2. Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $51,600. 5. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $10,000. 8. Sold merchandise for $112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $67,200. 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600. 14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $9.000. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800. 18. Sold merchandise on account to Jennings Company, $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800. 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 $8,550 for delivery of merchandise in 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 $3,770 for service fees for handling MasterCard and VISA sales during July. 10. Paid $41,260 to state sales tax division for taxes owed on sales. Instructions Journalize the entries to record the transactions of Green Lawn Supplies Co.

Answer 1

Date	General Journal	Debit	Credit
Jul-01	Accounts Receivable Landscapes co.	33,450.00
	Sales		33,450.00
Jul-01	Cost of Merchandise Sold	20,000.00
	Merchandise inventory		20,000.00
Jul-02	Cash	92,880.00
	Sales		86,000.00
	Tales Tax Payable		6,880.00
Jul-02	Cost of Merchandise Sold	51,600.00
	Merchandise inventory		51,600.00
Jul-05	Account Receivable-peacock co.	17,325.00
	Sales		17,325.00
Jul-05	Cost of Merchandise Sold	10,000.00
	Merchandise Inventory		10,000.00
Jul-08	Cash	120,960.00
	Sales		112,000.00
	Sales Tax Payable		8,960.00
Jul-08	Cost of Merchandise Sold	67,200.00
	Merchandise Inventory		67,200.00
Jul-13	Cash	96,000.00
	Sales		96,000.00
Jul-13	Cost of Merchandise Sold	57,600.00
	Merchandise Inventory		57,600.00
Jul-14	Accounts Receivable- Loeb Co	15,840.00
	Sales		15,840.00
Jul-14	Cost of Merchandise Sold	9,000.00
	Merchandise Inventory		9,000.00
Jul-15	Cash	17,325.00
	Accounts Receivable - Peacock Company		17,325.00
Jul-16	Customer Refunds Payable	2,970.00
	Accounts Receivable- Loeb Co		2,970.00
Jul-16	Merchandise Inventory	1,800.00
	Estimated Returns Inventory		1,800.00
Jul-18	Accounts Receivable- Jennings Company	11,123.00
	Sales		11,123.00
Jul-18	Accounts Receivable- Jennings Company	475.00
	Cash		475.00
Jul-18	Cost of Merchandise Sold	6,800.00
	Merchandise Inventory		6,800.00
Jul-18	Cash	12,870.00
	Accounts Receivable- Loeb Co		12,870.00
Jul-28	Cash	11,598.00
	Accounts Receivable- Jennings Company		11,598.00
Jul-31	Delivery Expense	8,550.00
	Cash		8,550.00
Jul-31	Cash	33,450.00
	Accounts Receivable-Landscapes co.		33,450.00
Aug-03	Credit Card Expense	3,770.00
	Cash		3,770.00
Aug-10	Sales tax Payable	41,260.00
	Cash		41,260.00