Question

July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $1,000 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from 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 $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19. 24 Paid Leight Co. the balance due, 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 $5,300 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 17 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general journal

Answer 1

Date	General Journal					Debit	Credit
1-Jul	Merchandise inventory					6,500
	Accounts payable-Boden						6,500
2-Jul	Accounts receivable-Creek					900
	Sales						900
	cost of goods sold					542
	Merchandise inventory						542
3-Jul	Merchandise inventory					110
	cash						110
8-Jul	Cash					2,200
	sales						2,200
	cost of goods sold					1,800
	Merchandise inventory						1,800
9-Jul	Merchandise inventory					3,000
	Accounts payable-Leight co						3,000
11-Jul	Accounts payable-Leight co					1000
	merchandise inventory						1000
12-Jul	Cash					882
	Sales discount					18
	Accounts receivable-Creek						900
16-Jul	Accounts payable-Boden					6,500
	Merchandise inventory						130
	cash						6370
19-Jul	Accounts receivable-Art co					1,200
	Sales						1,200
	Cost of goods sold					800
	Merchandise inventoy						800
21-Jul	Sales return and allowance					200
	Accounts receivable-Art co						200
24-Aug	Accounts payable-leight co					2,000
	Merchandise inventory						40
	Cash						1960
30-Jul	Cash					980
	Sales discount					20
	Accounts receivable-Art co						1,000
31-Jul	Accounts recievable-Creek					7,000
	Sales						7,000
	Merchandise inventory					5,300
	Cost of goods sold						5,300