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