Question

Journalize the following transactions that occurred in November 2018 for Colden's Awesome Park, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Colden's Awesome Park estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.)

Answer 1

Colden's Adventure Park
Journal entries
Date	Account	Debit	Credit	Calculation
4-Nov	Inventory	$        9,600
	Accounts Payable - Vancouver Company		$        9,600
6-Nov	Inventory	$           150
	Cash		$           150
8-Nov	Accounts Payable - Vancouver Company	$        4,800		=9,600/2
	Inventory		$        4,800
10-Nov	Cash	$        1,700
	Sales		$        1,700
10-Nov	Cost of goods sold	$           680
	Inventory		$           680
11-Nov	Accounts Receivable - Graceland Corporation	$     10,000
	Sales		$     10,000
11-Nov	Cost of goods sold	$        5,500
	Inventory		$        5,500
12-Nov	Freight out expenses	$              70
	Cash		$              70
13-Nov	Accounts Receivable - Callahan Company	$        9,300
	Sales		$        9,300
13-Nov	Cost of goods sold	$        4,650
	Inventory		$        4,650
14-Nov	Accounts Payable - Vancouver Company	$        4,800		=9,600-4,800
	Cash		$        4,704
	Inventory		$              96	=4,800*2%
17-Nov	Sales Returns & Allowances	$           200
	Accounts Receivable - Callahan Company		$           200
17-Nov	Inventory	$           100
	Cost of goods sold		$           100
18-Nov	Inventory	$        4,400
	Accounts Payable - Rafferty Corporation		$        4,400
20-Nov	Cash	$        9,700
	Sales Discounts	$           300		=10,000*3%
	Accounts Receivable - Graceland Corporation		$     10,000
26-Nov	Accounts Payable - Rafferty Corporation	$        4,400
	Cash		$        4,312
	Inventory		$              88	=4,400*2%
28-Nov	Cash	$        9,100
	Accounts Receivable - Callahan Company		$        9,100	=9,300-200
29-Nov	Inventory	$     11,900
	Cash		$     11,900
29-Nov	Inventory	$           220
	Cash		$           220