Question

 P5-31A Journalizing purchase and sale transactions 

Journalize the following transactions that occurred in September 2016 for No explanations are needed. Identify each accounts payable and accounts with the vendor or customer name. 

Answer 1

Date	Account	Debit	Credit
Sep 3	Inventories	4000
	Accounts payables - Sherry Wholesalers		4000
To record purchase of inventories from Sherry Wholesalers
Sep 4	Transportation in	75
	Cash		75
To record the freight bill paid
Sep 4	Inventories	1900
	Cash		1900
To record purchase of inventories on cash
Sep 6	Accounts Payable Sherry Wholesalers	1100
	Inventories		1100
To record returned inventories
Sep 8	Merchandise sales		5500
	Accounts Receivables Houston Company	5500
To record sale of merchandise on account
Sep 8	COGS	2365
	Inventories		2365
To record COGS
Sep 9	Inventories	12000
	Accounts payable Tarin Wholesale		12000
To record inventories, purchased on account
Sep 10	Accounts payable Sherry Wholesales	2900
	Inventories (2900*1%)		29
	Cash		2871
To record Payment and discount received
Sep 12	Cash	5335
	Inventories(3% discount )	165
	Accounts Receivables Houston Company		5500
To record payment received and incur of discount
Sep 13	Allowances From Tarin Wholesale		200
	Accounts payable Tarin Wholesale	200
Received allowance from Tarin
Sep 15	Merchandise sale		3300
	Accounts receivable Java company	3300
To record sale of inventories
Sep 15	COGS	1320
	Inventories		1320
To record COGS
Sep 22	Accounts payable Tarin Wholesale	11800
	Cash		11800
To record payment less allowance
Sep 23	Sales return and allowance	900
	Account receivable Java company		900
To record returns
Sep 23	COGS		360
	Inventories	360
To record Returned inventories
Sep 25	Merchandise sales		1900
	Accounts receivable Smecker	1900
Sep 25	COGS	722
	Inventories		722
Sep 26	Sales returns and allowances	200
	Account Receivables Smecker		200
Sep 29	Cash(1700-1%)	1681
	Sales discount	19
	Accounts receivable Smecker		1700
Sep 30	Cash	2400
	Account receivable Java company		2400