Question

The Sport Store uses a perpetual inventory system. The following transactions occurred during April 2022: April 2 Purchased merchandise from Rough Co. for $5,600 under credit terms of 1/15, n/30, FOB factory. 3 Paid $285 for shipping charges on the April 2nd purchase. 5 Sold merchandise to Fit Co. for $3,900 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,400. 6 Received a $800 credit memorandum acknowledging the return of merchandise purchased on April 2 7 Fit Co. requested a price reduction on the April 5 sale because the merchandise did not meet specifications. Sent Fit Co. a credit memorandum for $700 to resolve the issue. 8 Received Fit Co.'s payment of the amount due from the April 5 sale. 13 Paid the balance due to Rough Co. 18 Sold merchandise to Raptor Co. for $9,500. Raptor paid immediately. The merchandise cost $5,550. 20 Paid $389 April telephone bill. Instructions: Record the above transactions in the General Journal data entry form provided in the Learn Assessment Dropbox. Note: Question 2 is on the next page

Answer 1

Date	Account Titles	Debit	Credit
2-Apr	Merchandise Inventory	$          5,600
	Accounts Payable - Rough Co.		$            5,600
3-Apr	Merchandise Inventory	$             285
	Cash		$                285
5-Apr	Accounts Receivable - Fit Co.	$          3,900
	Sales Revenue		$            3,900
	Cost of Goods Sold	$          1,400
	Merchandise Inventory		$            1,400
6-Apr	Accounts Payable - Rough Co.	$             800
	Merchandise Inventory		$                800
7-Apr	Sales Returns and Allowances	$             700
	Accounts Receivable - Fit Co.		$                700
8-Apr	Cash	$          3,136
	Sales Discount	$                64
	Accounts Receivable - Fit Co.		$            3,200
13-Apr	Accounts Payable - Rough Co.	$          4,800
	Merchandise Inventory		$                  48
	Cash		$            4,752
18-Apr	Accounts Receivable - Raptor Co.	$          9,500
	Sales Revenue		$            9,500
	Cost of Goods Sold	$          5,550
	Merchandise Inventory		$            5,550
20-Apr	Telephone Expenses	$             389
	Cash		$                389

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