Question

X CYU5-1 (similar to) E Question Help Suppose Snow Day Air Conditioner Company engaged in the following transactions during June of the current year Click the icon to view the transactions More Info Requirement Journalize the transactions Assume Snow Day uses a perpetual inventory system. The company estimates sales returns at the end of each month Date Accounts and Explanation Debit Credit Jung Accounts Payable Merchandise Inventory 1,000 1.000 Jun Returned inventory to seller (vendor) Jun 12 Sold goods for cash $950 (cost, $570) Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale We will do that in the Date Accounts and Explanation Debit Credit 3 Purchased inventory on account with credit terms of 5/10, VEOM $2,000 9 Returned 50% of the inventory purchased on June 3 it was defective 12 Sold goods for cash. $950 (cost, $570) 15 Purchased goods for $13,000 on account Credit terms were 2/15, 130 16 Paid a $180 freight bil on goods purchased 17 Sold inventory for $3,000 cash (cost, $2.740) 18 Sold inventory for $1,900 on account with credit terms of 5/10, 1/30 (cost, 51,140) 22 Received returned goods from the customer of the June 17 sale, $1,400 (cost, $840) 24 Paid supplier for goods purchased on June 15 28 Received cash in ful settlement of the account from the customer who purchased inventory on June 18 29 Paid the amount owed on account from the purchase of June 3 30 The company estimated that $580 of merchandise sold will be returned with a cost of $280. Jun 12 Cash Sales Revenue Cash sale Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 1 A parts Final Check

I am super stuck on this. I dont know what the remaining ones will be as there are 14 parts remaining. I put what I think the answer is. thank you for the help!

Answer 1

Hi. Friend,

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I have tried to give best possible answer. If you have any doubts, please do mention in comment section, i'll definitely respond back as early possible.

And please excuse my bad handwriting's.

Ans: Journal entry in the Borks of soow Day Air Conditioner é Dave Account Title / Enplanahon Credit Zebit $ 2000 Jun-3 Merchandise Inventory Accounts payable (inventory purchased on credit 5/10) $ 2000 June -9 | Account payable $1000 Merchandise Inventory $ 1000 (Beging 507 of defective Inventory netwan)

June-12 Cash $950 Cost of Good sold $ 570 Salles $ 950 Merchandise Inventory $ 570 (Being cash sare made and Inventory proportionately adjusted)

June-15 Merchandise Inventory $ 13000 Accounts payable $ 13000 - (Being Inventory purchased on credit 2/15) Jun-16 $180 Freight cash on Bank $180 CBeing freigh bill paid for purchase mades Jun-17 $ 3000 cash cost of Goods sold 1 $2740 salles $ 3000 $ 2740 merchandie Inventory (Being cash sare made and inventory adjusted ) Jan-18 Accounts Receivable $ 1900 cost of Goods sold $ 1140 Salles $ 1900 $ 1140 Merchandise Inventory (Being sales made on Credit 5/10 and Inventory adjusted)

Jan-22 Sales Return $1400 Merchandise Inventory $ 840 cash $1400 $ 840 Cost of Goods sold (Being sales retuan made and Inventory ayusted gun-24 Accounts payable $13000 $12,740 cash on Bank Discount on purchase (13000X24) (Being payment made fore purchase on June-15 with discount availed) $ 260 Jun-28 Cash $ 1805 Discount on sare ( 1900 45%) $ 1900 Accounts Receivable |( Being cash received for sale made on June-18_ and discount arouled) Jun-29 Accounts payable $1000 $ 1000 cash on Bank (Being payment made for purchase made on June -3) (Discount period of 10 days lapsed)

709-30 Estimated salles return $ 580 Merchandise Inventory $ 280 Accounts Receivable $580 $ 280 cost of Goods sold (Being sales return estimated)

Thanks Dear, have a wonderful day..