Blue Spruce Distributing company | |||
Journal entries June 2017 | |||
Date | Account Titles and explanations | Debit | Credit |
Jun-01 | Inventory | 9,000 | |
Accounts Payable | 9,000 | ||
(Purchase of Inventory from Sun Supply co.) | |||
Jun-02 | Inventory | 210 | |
Cash | 210 | ||
(Inbound frieght for the purchases made) | |||
Jun-05 | Cost of Goods Sold | 7,500 | |
Inventory | 7,500 | ||
Accounts receivable | 13,000 | ||
Sales | 13,000 | ||
(Sale of merchandise to Moose Jaw retailer) | |||
Jun-06 | Inventory | 600 | |
Cost of Goods sold | 600 | ||
Sales returns | 950 | ||
Accounts receivable | 950 | ||
(sales returns from Moose Jaw retailer) | |||
Jun-07 | Inventory | 810 | |
Cash | 810 | ||
(cash purchase made) | |||
Jun-10 | Inventory | 3,750 | |
Accounts Payable | 3,750 | ||
(Purchase of Inventory from Fey wholesalers) | |||
Jun-10 | Inventory | 120 | |
Cash | 120 | ||
(Inbound frieght for the purchases made) | |||
Jun-12 | Accounts Payable | 250 | |
Inventory | 250 | ||
(Purchase returns made) | |||
Jun-14 | Accounts Payable | 9,000 | |
Inventory | 90 | ||
Cash | 8,910 | ||
(Paid to Sun supply co. before due date, so 1% credit received) | |||
Jun-15 | Cash | 11,809 | |
Discount Given | 241 | ||
(13000-950)*2% | |||
Accounts receivable | 12,050 | ||
(Received from Moose Jaw retailers and 2% rebate given as payment received before due date | |||
Jun-19 | Cost of Goods Sold | 4,400 | |
Inventory | 4,400 | ||
Cash | 7,100 | ||
Sales | 7,100 | ||
(Cash sales made) | |||
Jun-20 | Accounts Payable | 3,750 | |
Inventory | 75 | ||
Cash | 3,675 | ||
(Paid to Fey wholesales before due date, so 2% credit received) | |||
Jun-25 | Sales returns | 450 | |
Cash | 450 | ||
(Cash sales returns, no inventory entry posted as inventory is not in usable condition) | |||
Jun-30 | Cost of Goods Sold | 2,600 | |
Inventory | 2,600 | ||
Account receivable | 4,200 | ||
Sales | 4,200 | ||
(Sale of merchandise to Blue Spruce's) |
Merchandise Inventory | ||||
Date | Explanation | Debit | Credit | Balance |
Jun-01 | Opening Balance | 4,100 | 4,100 | |
Jun-01 | Purchase | 9,000 | 13,100 | |
Jun-02 | Purchase (Frieght) | 210 | 13,310 | |
Jun-05 | Move to COGS (Sale) | 7,500 | 5,810 | |
Jun-06 | From COGS (Sale return) | 600 | 6,410 | |
Jun-07 | Cash purchse | 810 | 7,220 | |
Jun-10 | Purchase | 3,750 | 10,970 | |
Jun-10 | Purchase (Frieght) | 120 | 11,090 | |
Jun-12 | Purchase return | 250 | 10,840 | |
Jun-14 | Purchase discount | 90 | 10,750 | |
Jun-19 | Move to COGS (Sale) | 4,400 | 6,350 | |
Jun-20 | Purchase discount | 75 | 6,275 | |
Jun-30 | Move to COGS (Sale) | 2,600 | 3,675 |
Sales | ||||
Date | Explanation | Debit | Credit | Balance |
Jun-05 | Moose Jaw retailer | 13,000 | -13,000 | |
Jun-30 | Blue Spruce | 4,200 | -17,200 |
Sales returns and allowances | ||||
Date | Explanation | Debit | Credit | Balance |
Jun-06 | Moose Jaw retailer | 950 | 950 | |
Jun-19 | Cash sale | 7,100 | 8,050 |
Sales Discount | ||||
Date | Explanation | Debit | Credit | Balance |
Jun-15 | Moose Jaw retailer | 241 | 241 | |
Jun-25 | cash sale return | 450 | 691 |
Cost of Goods sold | ||||
Date | Explanation | Debit | Credit | Balance |
Jun-05 | Sale | 7,500 | 7,500 | |
Jun-06 | Sale return | 600 | 6,900 | |
Jun-19 | Sale | 4,400 | 11,300 | |
Jun-30 | Sale | 2,600 | 13,900 |
Question 6 At the beginning of June 2017, Blue Spruce Distributing Company's ledger showed Cash $19,000,...
P5.5B (LO 2, 3, 5) AP At the beginning of September 2021, Stojanovic Distributing Company's ledger showed Cash $12,500, Merchandise Inventory $7,500, and D. Stojanovic, Capital, $20,000. Stojanovic uses the perpetual inventory system and the earnings approach. During the month of September, the company had the following selected transactions: Sept. 2 Purchased $13,500 of merchandise inventory from Moon Supply Co., terms 1/15, n/30, FOB destination. 4 The correct company paid $325 cash for freight charges on the September 2 purchase....
Adam Nichols, a former disc golf star, operates Blue Spruce Corp. At the beginning of the current season on April 1, the ledger of Blue Spruce Corp. showed Cash $1,800, Inventory $2,300, and Common Stock $4,100. The following transactions were completed during April. Apr.5 Purchased golf discs, bags, and other inventory on account from Rayford Co. $1,050, FOB shipping point, terms 2/10, 1/60. 7 Paid freight on the Rayford purchase $50. 9 Received credit from Rayford Co. for merchandise returned...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
Problem 5-02A a-c (Video) Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Blossom showed Cash of $5,500 and Owner's Capital of $5,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, 1/30. 2 Sold merchandise on account $2,000, terms 1/10, 1/30. The cost of the merchandise sold was $1,300. 5 Received credit from Braun's Wholesale Supply for merchandise returned $200. 9 Received collections...
Question 3 of 3 < > -/1 Presented below are selected transactions for Blue Spruce Company during September and October of the current year Blue Spruce uses a periodic inventory system. Sept 1 2 5 15 16 17 25 30 Oct 1 2 3 Purchased merchandise on account from Hillary Company at a cost of $54,000, FOB destination, terms 1/15,6/30. The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase Returned for credit...
Sheffield Corp.completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheffield Corp.showed Cash of $7,600 and Common Stock of $8,800. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. Sold merchandise on account $4,800, terms 2/10,n/30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for...
Problem 5-4A (Part Level Submission) Adam Nichols, a former disc golf star, operates Blue Spruce Corp.. At the beginning of the current season on April 1, the ledger of Blue Spruce Corp. showed Cash $1,800, Inventory 2,300, and Common Stock $4,100. The following transactions were completed during April Apr. 5 Purchased golf discs, bags, and other inventory on account from Rayford Co. $1,050, FOB shipping point, terms 2/10, n/60 7 Paid freight on the Rayford purchase $50 9 Received credit...
Latona Hardware store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware showed cash of $5,000 and Common Stock of $5,000. Enter the beginning cash and common stock balances and post the transactions. Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping point, terms 2/10, n/30. Crane pays the freight costs of $610 on June 11. Damaged goods totaling $350 are returned to Blue for credit on June 12. The fair value of these goods is $75. On June 19, Crane pays Blue Company in full, less the purchase discount. Both companies use a perpetual inventory system. Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping point, terms 2/10, n/30. Crane pays the freight costs of $610 on June 11. Damaged goods totaling $350 are returned to Blue for credit on June 12. The fair value of these goods is $75. On June 19, Crane pays Blue Company in full, less the purchase discount. Both companies use a perpetual inventory system. Exercise 5-04 a-b (Part Level Submission) (Video) On June...