A5 January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480.Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step.Account TitlesDateJan. 18DateJanuary 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480.Record the cost of the sale.Jan. 18DebitAccount TitlesCreditDebitCredit

Journal entry: This is the first step to record accounts. It is written in the same order in which…

January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Date Jan. 18 Date Account Titles Jan. 18 January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Debit Account Titles Credit Debit Credit

January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Date Jan. 18 Date Account Titles Jan. 18 January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Debit Account Titles Credit Debit Credit

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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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.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
More info Feb. 3 Feb. 7 Feb. 9 Feb. 10 Purchased $2,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Savvy's Garden. Returned $300 of defective merchandise purchased on February 3. Paid freight bill of $100 on February 3 purchase. Feb. 12 Sold merchandise inventory on account for $4,200 to Trinkett Topiaries. Payment terms were 2/15, n/30. These goods cost the company $2,100. Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 28 Received cash from Trinkett Topiaries in full settlement of their debt. Print - Done
January 15: Cash sale, $360. The cost of the merchandise was $216. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Date Jan. 15 January 15: Cash sale, $360. The cost of the merchandise was $216. Record the cost of the sale. Date Jan. 15 Account Titles Debit Debit Credit Credit
Sep. 13: After negotiations, received a $500 allowance from Tripp Wholesalers. Date Sep. 13 Date Sep. 15 Sep. 15: Sold merchandise inventory to Jesper Company, $3,100, on account. Terms n/EOM. Cost of goods, $1,364. 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 following step. Accounts Date Sep. 15 Accounts Debit Now journalize the expense related to the September 15 sale-Cost of goods, $1,364. Accounts Debit Credit Debit Credit Credit
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles
Instructions a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,515. b. Received payment on December 31 within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,710. Sale Cost b. Received payment within the discount period,
January 3: Cash sale, $180. The cost of the merchandise was $108. Record the cost of the sale. Date Jan. 3 Date Jan. 8 Account Titles January 8: Issued credit memorandum no. 1 to Capetown Co. for defective merchandise, $300. The cost of the merchandise was $180. Begin by recording the receivable portion of the adjustment. Do not yet adjust for the cost of the merchandise returned. We will do that in the following step. Credit Debit Account Titles Credit Debit