The following selected transactions were completed by Dom Co. during July of the current year. Dom uses the perpetual inventory system. Journalize the entries
Jul. 3. |
Purchased $16,100 of merchandise on account, FOB shipping point, terms 2/15, n/30, with prepaid freight of $180. |
6. |
Paid freight of $180 on the July 3 purchase. |
7. |
Returned $1,600 of the merchandise purchased on July 3. |
14. |
Sold merchandise on account, $32,100, FOB destination, 1/10, n/30. The cost of goods sold was $21,500. |
16. |
Paid freight of $205 for the merchandise sold on July 14. |
18. |
Paid for the purchase of July 3 less the return and discount. |
24. |
Received payment on account for the sale of July 14 less the discount. |
SOLUTION : | |||
Journal Entries | |||
Date | ACCT Title and explanation | Debit | Credit |
July, 03 | Merchandise inventory | $16,100 | |
Account Payable | $16,100 | ||
July, 06 | Merchandise inventory | $180 | |
Cash | $180 | ||
July, 07 | Account Payable | $1,600 | |
Merchandise inventory | $1,600 | ||
July, 14 | Account Receivable | $32,100 | |
Sales Revenue | $32,100 | ||
July, 14 | Cost of Goods Sold | $21,500 | |
Merchandise inventory | $21,500 | ||
July, 16 | Freight Out | $205 | |
Cash | $205 | ||
July, 18 | Account Payable ($16,100 - $ 1600) | $14,500 | |
Purchase Discount (14,500 X 2%) | $290 | ||
Cash | $14,210 | ||
July, 24 | Cash | $31,779 | |
Sales Discount ($ 32,100 X 1%) | $321 | ||
Account Receivable | $32,100 | ||
The following selected transactions were completed by Dom Co. during July of the current year. Dom...
The following selected transactions were completed by Dom Co. during July of the current year. Dom uses the perpetual inventory system. Journalize the transactions. Jul. 3. Purchased $16,100 of merchandise on account, FOB shipping point, terms 2/15, n/30, with prepaid freight of $180. 6. Paid freight of $180 on the July 3 purchase. 7. Returned $1,600 of the merchandise purchased on July 3. 14. Sold merchandise on account, $32,100, FOB destination, 1/10, n/30. The cost of goods...
The following selected
transactions were completed by Betz Company during July of the
current year. Betz Company uses the net method under a perpetual
inventory system.
July
1
Purchased merchandise from Sabol Imports Co., $13,701, terms
FOB destination, n/30.
3
Purchased merchandise from Saxon Co., $8,950, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $225 was added to
the invoice.
5
Purchased merchandise from Schnee Co., $13,450, terms FOB
destination, 2/10, n/30.
6
Issued debit memo to Schnee Co....
The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.
July
1
Purchased merchandise from Sabol Imports Co., $13,701, terms
FOB destination, n/30.
3
Purchased merchandise from Saxon Co., $8,950, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $225 was added to
the invoice.
5
Purchased merchandise from Schnee Co., $13,450, terms FOB
destination, 2/10, n/30.
6
Issued debit memo to Schnee Co....
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $82,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $930 added to the invoice. 5. Purchased merchandise on account from Kester Co., $43,050, terms FOB destination, 2/10, n/30. 6. Sold merchandise on...
The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. 5. Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
help with journalizing
The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 5 6 Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30 Sold merchandise for cash, $37,230. The cost of the goods sold was $22,500 Purchased merchandise on account from Papoose Creek Co., $48,450, terms FOB shipping point 2/10, 1/30, with prepaid freight of $800 added to the...
during August of the cur. P4-1 Purchase-related transactions The following selected transactions were completed by Epic Co. during Augm unt) for merchandise shipping point, t/com. rent year: handise on account for $33,400, terms FOB destination 9. Issued debit memorandum for $2,500 ($2,450 net of 2% discount) for from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping ne Paid $600 cash to the freight company for delivery of the merchandise 13....
The following were selected from among the transactions completed by Theisen Company during December of the current year: Dec. 3. Purchased merchandise on account from Shipley Co., list price $480,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $122,500 added to the invoice. 5. Purchased merchandise on account from Kirch Co., $100,250, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Murdock Co., list price $360,000, trade discount 35%, terms 2/10, n/30....