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Johns Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May.
View transaction list Journal entry worksheet 2 3 Record the cost of goods sold for $3,050. Note: Enter debits before credits
Johns Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May.
Journal entry worksheet 2 3 4 5 Record the merchandise purchased on account for $6,300. Note: Enter debits before credits Tra
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Answer #1
1. Record the merchandise purchased on account
Transaction General Journal Debit Credit
01 Inventory $5,500
      Accounts Payable $5,500
(To record purchase of merchandise on credit)
2. Record the freight charges
Transaction General Journal Debit Credit
02 Inventory $550
     Cash $550
(To record freight charges)
3. Record the return of merchandise
Transaction General Journal Debit Credit
03 Accounts Payable $850
     Inventory $850
(To record the return of Merchandise)
4. Record the sales of merchandise
Transaction General Journal Debit Credit
04 Cash $5,700
     Sales revenue $5,700
(To record cash sales)
5. Record the cost of goods sold
Transaction General Journal Debit Credit
05 Cost of Goods Sold $3,050
     Inventory $3,050
(To record cost of goods sold)
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