Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.
4 Paid freight bill of $ 75 on September 3 purchase.
4 Purchase merchandise inventory for cash of $ 1,900.
6 Returned $ 400 of inventory from September 3 purchase.
8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,835
9 Purchased merchandise inventory on account from Tripp Wholesalers, $ 12,000. Terms 1 / 10, n / 30, FOB destination.
10 Made payment to Sheldon Wholesalers for goods purchased on September 3 , less return and discount.
12 Received payment from Harvey Company, less discount.
13 After negotiations, received a $ 100 allowance from Tripp Wholesalers.
15 Sold merchandise inventory to Johnson Company, $ 3,500, on account. Terms n / E O M. Cost of goods, $ 1,400.
22 Made payment, less allowance, to Tripp Wholesalers for goods purchased on September 9 .
23 Johnson Company returned $ 800 of the merchandise sold on September 15. Cost of goods, $ 320.
25 Sold merchandise inventory to Smecker for $ 1,500 on account that cost $ 555 . Terms of 1 / 10, n / 30 was offered, FOB shipping point. As a courtesy to Smecker, $ 90 of freight was added to the invoice for which cash was paid by Cardinal.
29 Received payment from Smecker, less discount.
30 Received payment from Johnson Company, less return.
Journal entries | |||||
Date | Accounts Name | Debit | Credit | Calculation | |
3-Sep | Merchandise Inventory | 3,500 | |||
Accounts Payable - Sheldon Wholesalers | 3,500 | ||||
4-Sep | Merchandise Inventory | 75 | |||
Cash | 75 | ||||
4-Sep | Merchandise Inventory | 1,900 | |||
Cash | 1,900 | ||||
6-Sep | Accounts Payable - Sheldon Wholesalers | 400 | |||
Merchandise Inventory | 400 | ||||
8-Sep | Accounts Receivable - Harvey Company | 6,300 | |||
Sales Revenue | 6,300 | ||||
Cost of goods sold | 2,835 | ||||
Merchandise Inventory | 2,835 | ||||
9-Sep | Merchandise Inventory | 12,000 | |||
Accounts Payable - Tripp Wholesalers | 12,000 | ||||
10-Sep | Accounts Payable - Sheldon Wholesalers | 3,100 | =3,500-400 | ||
Cash | 3,069 | ||||
Merchandise Inventory | 31 | =3,100*1% | |||
12-Sep | Cash | 6,237 | |||
Sales Discounts | 63 | =6,300*1% | |||
Accounts Receivable - Harvey Company | 6,300 | ||||
13-Sep | Accounts Payable - Tripp Wholesalers | 100 | |||
Merchandise Inventory | 100 | ||||
15-Sep | Accounts Receivable - Johnson Company | 3,500 | |||
Sales Revenue | 3,500 | ||||
Cost of goods sold | 1,400 | ||||
Merchandise Inventory | 1,400 | ||||
22-Sep | Accounts Payable - Tripp Wholesalers | 11,900 | =12,000-100 | ||
Cash | 11,900 | ||||
23-Sep | Sales Returns & Allowances | 800 | |||
Accounts Receivable - Johnson Company | 800 | ||||
Merchandise Inventory | 320 | ||||
Cost of goods sold | 320 | ||||
25-Sep | Accounts Receivable - Smecker | 1,590 | =1,500+90 | ||
Sales Revenue | 1,500 | ||||
Cash | 90 | ||||
Cost of goods sold | 555 | ||||
Merchandise Inventory | 555 | ||||
29-Sep | Cash | 1,575 | |||
Sales Discounts | 15 | =1,500*1% | |||
Accounts Receivable - Smecker | 1,590 | ||||
30-Sep | Cash | 2,700 | =3,500-800 | ||
Accounts Receivable - Johnson Company | 2,700 |
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers,
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