Question

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year....

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.

June  1 Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06.
3 Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15).
10 Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29.
13 Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13).
18 Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94.
20 Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89.
25 Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30).
30 Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50.

Required:

Record the transactions in the general journal (page 25) using the perpetual inventory system. Round your answers to the nearest cent.

GENERAL JOURNAL
Page 25    
DATE DESCRIPTION POST.
REF.
DEBIT CREDIT
1 20-- 1
2 June  1   2
3       3
4 Sold merchandise to Hendrix Office Store, invoice no. 1001. 4
5 5
6 6
7       7
8 Cost of merchandise sold to Hendrix Office Store, invoice no. 1001. 8
9 9
10 3   10
11       11
12 Purchased merchandise from Krueger, Inc., invoice no. 845A, invoice dated 6/1, terms 1/10, n/30. 12
13 13
14 10   14
15       15
16 Sold merchandise to Ballard Stores, invoice no. 1002. 16
17 17
18 18
19       19
20 Cost of merchandise sold to Ballard Stores, invoice no. 1002. 20
21 21
22 13   22
23       23
24 Purchased merchandise from Kennedy, Inc., invoice no. 4833, invoice dated 6/11, terms 2/10, n/30. 24

Continue recording the transactions in the general journal (page 26) using the perpetual inventory system. Round your answers to the nearest cent.

GENERAL JOURNAL
Page 26    
DATE DESCRIPTION POST.
REF.
DEBIT CREDIT
1 20-- 1
2 June  18   2
3       3
4 Sold merchandise to Lawson Office Store, invoice no. 1003. 4
5 5
6 6
7       7
8 Cost of merchandise sold to Lawson Office Store, invoice no. 1003. 8
9 9
10 20   10
11       11
12 Issued credit memo no. 33. 12
13 13
14 14
15       15
16 Cost of merchandise returned, credit memo no. 33. 16
17 17
18 25   18
19       19
20 Purchased merchandise from Villarreal, Inc., invoice no. 4R32, invoice dated 6/18, terms net 30. 20
21 21
22 30   22
23       23
24 Credit memo no. 44 for return of merchandise. 2
0 0
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Answer #1
Date Description POST. REF. Debit Credit
Jun-01 Accounts receivable 451.2
Sales 451.2
(Sold merchandise to Hendrix Office Store, invoice no. 1001)
Jun-01 Cost of goods sold 397.06
Inventory 397.06
Cost of merchandise sold to Hendrix Office Store, invoice no. 1001.
Jun-03 Inventory 500.15
Accounts payable 500.15
Purchased merchandise from Krueger, Inc., invoice no. 845A, invoice dated 6/1, terms 1/10, n/30
Jun-10 Accounts receivable 2483.65
Sales 2483.65
Sold merchandise to Ballard Stores, invoice no. 1002.
Jun-10 Cost of goods sold 2235.29
Inventory 2235.29
Cost of merchandise sold to Ballard Stores, invoice no. 1002.
Jun-13 Inventory 2573.13
Accounts payable 2573.13
Purchased merchandise from Kennedy, Inc., invoice no. 4833, invoice dated 6/11, terms 2/10, n/30.
Jun-18 Accounts receivable 754.99
Sales 754.99
Sold merchandise to Lawson Office Store, invoice no. 1003.
Jun-18 Cost of goods sold 671.94
Inventory 671.94
Cost of merchandise sold to Lawson Office Store, invoice no. 1003.
Jun-20 Sales 103.25
Accounts receivable 103.25
Issued credit memo no. 33.
Jun-20 Inventory 91.89
Cost of goods sold 91.89
Cost of merchandise returned, credit memo no. 33.
Jun-25 Inventory 1636.3
Accounts payable 1636.3
Purchased merchandise from Villarreal, Inc., invoice no. 4R32, invoice dated 6/18, terms net 30.
Jun-30 Accounts payable 224.5
Inventory 224.5
Credit memo no. 44 for return of merchandise.
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