Question

July 1 Purchased merchandise from Boden Company for $6,000 under credit terms 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 cost $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, n/60, FOB 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, 1/60, 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 Journal entry worksheet < 3 4 5 1 2 6 7 8 ... 17 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits General Journal Debit Credit Date July 01

Answer 1

Answer:

Date	General Journal	Debit	Credit
1-Jul	Merchandise inventory	6,000
	Accounts payable-Boden		6,000
2-Jul	Accounts receivable-Creek	900
	Sales		900
	Cost of goods sold	500
	Merchandise inventory		500
3-Jul	Merchandise inventory	125
	Cash		125
8-Jul	Cash	1,700
	sales		1,700
	Cost of goods sold	1,300
	Merchandise inventory		1,300
9-Jul	Merchandise inventory	2,200
	Accounts payable-Leight co		2,200
11-Jul	Accounts payable-Leight co	200
	merchandise inventory		200
12-Jul	Cash	882
	Sales discount (900×2%)8	18
	Accounts receivable-Creek		900
16-Jul	Accounts payable-Boden	6,060
	Merchandise inventory(6000×1%)		60
	cash		6000
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	100
	Accounts receivable-Art co		100
24-Aug	Accounts payable-leight co(2200-200)	2,000
	Merchandise inventory(2000×2%)		40
	Cash		1960
30-Jul	Cash	1078
	Sales discount (1100×2%)	22
	Accounts receivable-Art co(1200-100)		1,100
31-Jul	Accounts recievable-Creek	7,000
	Sales		7,000
	Merchandise inventory	4,800
	Cost of goods sold		4,800