GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) es July 2. The merchandise had cost $1,860. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) es July 2. The merchandise had cost $1,860. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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