Question

July 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, yon shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $135 cash for freight charges on the purchase of July 1. @ Bold merchandise that had coat $1,900 for $2,300 cash. Purchased merchandise from Light Co. for $2,900 under credit terns of 2/15, 1/60, POB destination, invoice dated July 9. 11 Returned 1900 of merchandise purchased on July 9 from Leight Co. and debited to account payable for that amount. 12 Received the balance due fron Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period 19 Sold merchandise that cost $1,000 to Art Co. for $1.500 under credit tarm of 2/15, /60, TOB shipping point invoice dated July 19. 21 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. 24 Paid Leight Co. the balance de, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount 31 Sold merchandise that cost 55,400 to Creek Co. for $7.000 under credit tons of 2/10, 1/60, TOB shipping point, invoice dated July 31. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 17 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, 1/30, FOB shipping point, Invoice dated July 1. Note: Enter debts before credits General Journal Debit Credit Date July 01 < Prey 3 of 3 !!! Next

Answer 1

Date	General Journal	Debit	Credit
		$	$
July 1	Merchandise Inventory	6,600
	Accounts Payable: Boden Co.		6,600
July 2	Accounts Receivable: Creek Co.	950
	Sales		950
July 2	Cost of Goods Sold	550
	Merchandise Inventory		550
July 3	Merchandise Inventory	135
	Cash		135
July 8	Cash	2,300
	Sales		2,300
July 8	Cost of Goods Sold	1,900
	Merchandise Inventory		1,900
July 9	Merchandise Inventory	2,900
	Accounts Payable: Leight Co.		2,900
July 11	Accounts Payable: Leight Co.	900
	Merchandise Inventory		900
July 12	Cash	931
	Sales Discounts	19
	Accounts Receivable: Creek Co.		950
July 16	Accounts Payable: Boden Co.	6,600
	Merchandise Inventory		132
	Cash		6,468
July 19	Accounts Receivable: Art Co.	1,500
	Sales		1,500
July 19	Cost of Goods Sold	1,000
	Merchandise Inventory		1,000
July 21	Sales Returns and Allowances	250
	Accounts Receivable: Art Co.		250
July 24	Accounts Payable: Leight Co.	2,000
	Merchandise Inventory		40
	Cash		1,960
July 30	Cash	1,225
	Sales Discounts	25
	Accounts Receivable: Art Co.		1,250
July 31	Accounts Receivable: Creek Co.	7,000
	Sales		7,000
July 31	Cost of Goods Sold	5,400
	Merchandise Inventory		5,400