May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703. May 5 Purchased $2,100 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. ay 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, invoice number 5705. ay 16 Received $1,611 cash from J. Dryer to pay for the purchase of May 7. ay 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. ay 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice number 5706.

May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703. May 5 Purchased $2,100 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. ay 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, invoice number 5705. ay 16 Received $1,611 cash from J. Dryer to pay for the purchase of May 7. ay 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. ay 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice number 5706.

Name: Exercise 7-1 (Algo) Sales journal LO P1Finer Company uses a sales jou
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Description: Exercise 7-1 (Algo) Sales journal LO P1Finer Company uses a sales journal,purchases journal, cash receipts journal, cashpayments journal, and general journal.May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703.May 5 Pu

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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.
Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).
JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.