Question

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15. Record the following transactions for Sparky's Pet Shop using the general journal form Sparky s uses a perpetual inventory system. Omit transaction descriptions from entries. using the general journal form provided below. Assume Date August 1 3 Transaction Purchased S6,000 of merchandise on account, terms 2/10, n/30. Retu Retumed S1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4.000. Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200. Paid for the merchandise purchased on August 1, less return. Received payment from sale of August 10. The customer took the discount. 11 20 Date Description Debit Credit

Answer 1

| Credit Date Account Title 01-Aug Finished goods inventory Accounts payable Debit $6,000 $6,000 $1,500 03-Aug Accounts payable Finished goods inventory $1,500 07-Aug Cash $9,750 Sales revenue $9,750 $4,000 07-Aug Cost of goods sold Finished goods inventory $4,000 $5001 10-Aug Accounts receivalbe Sales revenue $500 $2001 10-Aug Cost of goods sold Finished goods inventory $200 $4,500 11-Aug Accounts payable Finished goods inventory [( $6,000 - $1,500 ) x 2% ] Cash $90 $4,410 20-Aug Cash Sales discount Accounts receivable $495) $5 $500