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1 2 3 4 5 6 7 8 9 10 11 12 MASHAKAR HE 13 18 Paid rent for May, $5,000. Sold Merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB Shipping point, $36.000 Paid freight on purchase of May 3, $600 Received $22,300 cash from Halstad Co. on account Sold merchandise with a list price of $61,500 to customers who used Visa and who redeemed $7,500 of point-of-sale coupons. 10-May The cost of the goods sold was $32,000. 13-May 15-May 20 1-May 2-May 3-May 4-May 7-May 21-May 14 21-May 15 21-May 16 21-May 17 24-May 26-May 19 28-May 29-May 17-May 19-May 19-May 20-May 21 30-May 22 31-May 23 31-May Paid for merchandise purchased on May 3 Paid advertising expense for last half of May $11,000 Received cash from sale of May 2 Purchased merchandise for cash, $18,700 Paid $33,450 to Buttons Co. on account Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 21, $2,300 Received $42,900 cash from Gee Co. on account Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000 Returned damage merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 Refunded cash on sales made for cash, $7,500. The cost of the merhandise returned was $4,800 Paid sales salaries of $56,000 and office salaries of $29,000 Purchased store supplies for cash $2,400 Sold merchandise on account to Turner Co., terms n/30, FOB Shipping point, $78,750. The cost of the goods sold was $47,000 Received cash from sale of May 21 plus freight Paid for purchase of May 21, less return of May 24

1 2 3 4 5 6 7 8 9 10 11 12 MASHAKAR HE 13 18 Paid rent for May, $5,000. Sold Merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB Shipping point, $36.000 Paid freight on purchase of May 3, $600 Received $22,300 cash from Halstad Co. on account Sold merchandise with a list price of $61,500 to customers who used Visa and who redeemed $7,500 of point-of-sale coupons. 10-May The cost of the goods sold was $32,000. 13-May 15-May 20 1-May 2-May 3-May 4-May 7-May 21-May 14 21-May 15 21-May 16 21-May 17 24-May 26-May 19 28-May 29-May 17-May 19-May 19-May 20-May 21 30-May 22 31-May 23 31-May Paid for merchandise purchased on May 3 Paid advertising expense for last half of May $11,000 Received cash from sale of May 2 Purchased merchandise for cash, $18,700 Paid $33,450 to Buttons Co. on account Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 21, $2,300 Received $42,900 cash from Gee Co. on account Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000 Returned damage merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 Refunded cash on sales made for cash, $7,500. The cost of the merhandise returned was $4,800 Paid sales salaries of $56,000 and office salaries of $29,000 Purchased store supplies for cash $2,400 Sold merchandise on account to Turner Co., terms n/30, FOB Shipping point, $78,750. The cost of the goods sold was $47,000 Received cash from sale of May 21 plus freight Paid for purchase of May 21, less return of May 24

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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Please Help. Record the following transactions.  Refer to the Chart of Accounts

1 2 3 4 5 6 7 .89101 12 13 14 15 16 17 18 19 20 21 22 23 Paid rent for May, $5,000. Sold Merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB Shipping point, $36.000 Paid freight on purchase of May 3, $600 Received $22,300 cash from Halstad Co. on account Sold merchandise with a list price of $61,500 to customers who used Visa and who redeemed $7,500 of point-of-sale coupons. 10-May The cost of the goods sold was $32,000. 13-May Paid for merchandise purchased on May 3 15-May Paid advertising expense for last half of May $11,000 17-May Received cash from sale of May 2 19-May Purchased merchandise for cash, $18,700 19-May Paid $33,450 to Buttons Co. on account Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000 1-May 2-May 3-May 4-May 7-May 20-May 21-May 21-May For the convenience of Crescent Co., paid freight on sale of May 21, $2,300 21-May Received $42,900 cash from Gee Co. on account 21-May Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000 24-May Returned damage merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 26-May Refunded cash on sales made for cash, $7,500. The cost of the merhandise returned was $4,800 28-May Paid sales salaries of $56,000 and office salaries of $29,000 29-May Purchased store supplies for cash $2,400 30-May Sold merchandise on account to Turner Co., terms n/30, FOB Shipping point, $78,750. The cost of the goods sold was $47,000 Received cash from sale of May 21 plus freight 31-May 31-May Paid for purchase of May 21, less return of May 24
Transcribed Image Text:1 2 3 4 5 6 7 .89101 12 13 14 15 16 17 18 19 20 21 22 23 Paid rent for May, $5,000. Sold Merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB Shipping point, $36.000 Paid freight on purchase of May 3, $600 Received $22,300 cash from Halstad Co. on account Sold merchandise with a list price of $61,500 to customers who used Visa and who redeemed $7,500 of point-of-sale coupons. 10-May The cost of the goods sold was $32,000. 13-May Paid for merchandise purchased on May 3 15-May Paid advertising expense for last half of May $11,000 17-May Received cash from sale of May 2 19-May Purchased merchandise for cash, $18,700 19-May Paid $33,450 to Buttons Co. on account Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000 1-May 2-May 3-May 4-May 7-May 20-May 21-May 21-May For the convenience of Crescent Co., paid freight on sale of May 21, $2,300 21-May Received $42,900 cash from Gee Co. on account 21-May Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000 24-May Returned damage merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 26-May Refunded cash on sales made for cash, $7,500. The cost of the merhandise returned was $4,800 28-May Paid sales salaries of $56,000 and office salaries of $29,000 29-May Purchased store supplies for cash $2,400 30-May Sold merchandise on account to Turner Co., terms n/30, FOB Shipping point, $78,750. The cost of the goods sold was $47,000 Received cash from sale of May 21 plus freight 31-May 31-May Paid for purchase of May 21, less return of May 24
Classification Assets Assets Assets Assets Assets Assets Assets Long-Term Assets Long-Term Assets Long-Term Assets Liabilities Liabilities Liabilities Liabilities Equity Equity Equity Equity Equity Revenue Revenue Cost Cost Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Account Number Account Title 110 112 115 116 117 118 123 124 210 211 212 310 311 312 313 410 510 520 521 522 523 529 530 531 532 539 Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Income Summary Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense
Transcribed Image Text:Classification Assets Assets Assets Assets Assets Assets Assets Long-Term Assets Long-Term Assets Long-Term Assets Liabilities Liabilities Liabilities Liabilities Equity Equity Equity Equity Equity Revenue Revenue Cost Cost Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Account Number Account Title 110 112 115 116 117 118 123 124 210 211 212 310 311 312 313 410 510 520 521 522 523 529 530 531 532 539 Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Income Summary Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense
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