Question

Am I missing anything?

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Roden Company for $6,000 under credit terns of 1/15, 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 coat $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, 1/60, on destination, invoice dated July 9. 11 Returned $200 of merchandise purchased on July 9 from Leight Co., and debited its account payable for that amount. 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 Gave a price reduction (allowance) of $100 to Art Co. for merchandise sold on July 19, and credited Art's accounts receivable for that amount. 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 $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, TOB shipping point, Invoice dated July 31. View transaction list View Journal entry worksheet No Credit Date July 01 1 General Journal Merchandise inventory Accounts payable-Boden Debit 6,000 6,000 2 July 02 Accounts receivable--Creek Sales 900 900 . 3 July 02 Cost of goods sold Merchandise inventory 500 500

Answer 1

penticular Debit Dote July Credit 9 2200 2200 Merchandise Fnventing the Accounts payable Alc (Being Credit purchased from eight Co. 11 200 200 Accounts payable All Merchandise Inventory Htc (Being purchase return to teight car 12 18 quo Cash tic с Discount alloweded All Accrunts Recuvable me (Being Cash received from Creek and discount allowded @ 24.) 16 6000 sguo 60 Accounts payable the Cash ALC Discount Received All (Being Cash paid to Boden tox 1% discount ) 1200 19 1200 Acount Receivable the Sakes HO (Being Art Sakes on Credit Art Co.)

peuticular Debit Credit Date July 19. goo cast of goods fold AC Merchandise Inventory the (Being Cost of Inventory transferred to sales) JVO Sales Return and allowances Account Receivable the ( (Being Price reduction alllowance Credit to Art.Co.) 2200 2156 un Acoounts payable the Cash to Mercharished friventory (Being Cash paid to Leight Co. for discount 72%) 30 1176 24 1200 Cash All Sales Discount Account Receivable hic (Being Cash paid to Ast received from art. Co. 27 dycount) 2 요 31 7070 Account Reciveables Ale Sales me Being Credit Sales) to Greek 7000

Date particular Debit Credit 31 4800 4800 Cost of goods sold Merchandise Inventory the (Being Cost of Friventary transfered to sales) Notes # all discount Received or pe allowed replace with. Merehanised Inventory Sales discount respectiveily. and