Sales-Related Transactions Using the Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply...
Sales-Related Transactions Using the Perpetual Inventory System
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:
Mar. 2. Sold merchandise on account to Equinox Co., $20,600, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,670.
3. Sold merchandise for $10,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150.
4. Sold merchandise on account to Empire Co., $51,410, terms FOB shipping point, n/EOM. the cost of the goods sold was $33,210.
5. Sold merchandise for $28,600 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $21,080.
12. Received a check for the amount due from Equinox Co. for sale on March 2.
14. Sold merchandise to customers who used American Express cards, $12,870. The cost of the goods sold was $8,370.
16. Sold merchandise on account to Targhee Co., $29,800, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,850.
18. Issued credit memo for $5,200 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $3,030.
19. Sold merchandise on account to Vista Co., $7,750, terms FOB shipping point, 2/10, n/30. Paid $80 for freight and added it to the invoice. The cost of the goods sold was $4,790.
26. Received a check for the amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28. Received a check for the amount due from Vista Co. for sale of March 19.
31. Received a check for the amount due from Empire Co. for sale of March 4.
31. Paid Fleetwood Delivery Service $6,200 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3. Paid City Bank $950 for service fees for handling MasterCard and American Express sales during March.
15. Paid $6,744 to state sales tax division for taxes owed on sales.
Required:
Journalize the entries to record the transactions of Amsterdam Supply Co. For a compound transaction, if no entry is required, leave the entry box blank.
Date Account Debit Credit Mar. 2-sale Date Account Debit Credit
Mar. 2-cost Date Account Debit Credit Mar.
3-sale Date Account Debit Credit Mar.
3-cost Date Account Debit Credit Mar.
4-sale Date Account Debit Credit Mar.
4-cost Date Account Debit Credit Mar.
5-sale Date Account Debit Credit Mar.
5-cost Date Account Debit Credit Mar.
12 Date Account Debit Credit Mar.
14-sale Date Account Debit Credit Mar.
14-cost Date Account Debit Credit Mar.
16-sale Date Account Debit Credit Mar.
16-cost Date Account Debit Credit Mar.
18-return Date Account Debit Credit Mar.
18-cost Date Account Debit Credit Mar.
19-sale Date Account Debit Credit Mar.
19-freight Date Account Debit Credit Mar.
19-cost Date Account Debit Credit Mar.
26 Date Account Debit Credit Mar.
28 Date Account Debit Credit Mar.
31-collection Date Account Debit Credit Mar.
31-freight Date Account Debit Credit
Apr. 3 Date Account Debit Credit Apr.
15 Check My Work
Homework Answers
| Date | General journal | Debit | Credit |
| Mar-02 | Accounts Receivable-Equinox Co | 20,600.00 | |
| Sales | 20,600.00 | ||
| Mar-02 | Cost of Merchandise Sold | 13,670.00 | |
| Merchandise Inventory | 13,670.00 | ||
| Mar-03 | Cash | 10,971.00 | |
| Sales | 10,350.00 | ||
| Sales Tax Payable | 621.00 | ||
| Mar-03 | Cost of Merchandise Sold | 7,150.00 | |
| Merchandise Inventory | 7,150.00 | ||
| Mar-04 | Accounts Receivable-Empire Co | 51,410.00 | |
| Sales | 51,410.00 | ||
| Mar-04 | Cost of Merchandise Sold | 33,210.00 | |
| Merchandise Inventory | 33,210.00 | ||
| Mar-05 | Cash | 30,316.00 | |
| Sales | 28,600.00 | ||
| Sales Tax Payable | 1,716.00 | ||
| Mar-05 | Cost of Merchandise Sold | 21,080.00 | |
| Merchandise Inventory | 21,080.00 | ||
| Mar-12 | Cash | 20,394.00 | |
| Sales Discounts | 206.00 | ||
| Accounts Receivable-Equinox Co | 20,600.00 | ||
| Mar-14 | Cash | 12,870.00 | |
| Sales | 12,870.00 | ||
| Mar-14 | Cost of Merchandise Sold | 8,370.00 | |
| Merchandise Inventory | 8,370.00 | ||
| Mar-16 | Accounts Receivable-Targhee Co | 29,800.00 | |
| Sales | 29,800.00 | ||
| Mar-16 | Cost of Merchandise Sold | 15,850.00 | |
| Merchandise Inventory | 15,850.00 | ||
| Mar-18 | Sales Returns and Allowances | 5,200.00 | |
| Accounts Receivable-Targhee Co | 5,200.00 | ||
| Mar-18 | Merchandise Inventory | 3,030.00 | |
| Cost of Merchandise Sold | 3,030.00 | ||
| Mar-19 | Accounts Receivable-Vista Co | 7,750.00 | |
| Sales | 7,750.00 | ||
| Mar-19 | Accounts Receivable-Vista Co | 80.00 | |
| Cash | 80.00 | ||
| Mar-19 | Cost of Merchandise Sold | 4,790.00 | |
| Merchandise Inventory | 4,790.00 | ||
| Mar-26 | Cash | 24,354.00 | |
| Sales Discounts | 246.00 | ||
| Accounts Receivable-Targhee Co | 24,600.00 | ||
| Mar-28 | Cash | 7,675.00 | |
| Sales Discounts | 155.00 | ||
| Accounts Receivable-Vista Co | 7,830.00 | ||
| Mar-31 | Cash | 51,410.00 | |
| Accounts Receivable-Empire Co | 51,410.00 | ||
| Mar-31 | Delivery Expense | 6,200.00 | |
| Cash | 6,200.00 | ||
| Apr-03 | Credit Card Expense | 950.00 | |
| Cash | 950.00 | ||
| Apr-15 | Sales Tax payable | 6,744.00 | |
| Cash |
Sales-Related Transactions
Using Perpetual Inventory System The following selected
transactions were completed by Amsterdam Supply Co., which sells
office supplies primarily to wholesalers and occasionally to retail
customers: Mar. 2. Sold merchandise on account to Equinox Co.,
$18,800, terms FOB destination, 1/10, n/30. The cost of the goods
sold was $13,090. 3. Sold merchandise for $11,000 plus 6% sales tax
to retail cash customers. The cost of the goods sold was $7,210. 4.
Sold merchandise on account to Empire Co.,...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $17,000, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $14,380. 3. Sold merchandise for $12,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,700. 4. Sold merchandise on account to Empire Co.,...
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 3. sold merchandise for $11,350 plus 6% sales tax to retail cash customers. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, 5. sold merchandise for $30,000 plus 6% sales tax...
ide the t Print the text assignment PR S-2A Sales office supplicsd tras Inven Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, -related transactions using perpetual Inventory system Amsterdam Supply Co., which sells leted by ly to wholesalers and occasionally to retail customers: To The following selected transactions were comp 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost...
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