Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully Company sold merchandise on account to Burton Co., $7,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $4,500. July 2. Burton Company paid transportation charges of $150 on the July 1 purchase from Scully Company. July 5. Scully Company sold merchandise on account to Burton Co., $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500. July 7. Scully Company paid transportation costs of $250 for delivery of merchandise sold to Burton Company on July 5. July 13. Scully Company issued Burton Company a credit memorandum for merchandise returned, $1,000. The cost of the merchandise returned was $700. July 15. Scully Company received payment from Burton Company for purchase of July 5. July 18. Scully Company sold merchandise on account to Burton Company, $12,000, terms FOB shipping point, 2/10, n/eom. The cost of the merchandise sold was $7,200. Jul. 20 Burton Co. Paid fright of $ 400. July 28. Scully Company received payment from Burton Company for purchase of July 18, less discount (2% x $12,000).

Journal entries.

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…

Record the following transactions as general journal entries. Use the gross-price method. Aug.   6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1   DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 Aug. 6       fill in the blank 2 fill in the blank 3 1 2         fill in the blank 5 fill in the blank 6 2 3 Aug. 8       fill in the blank 8 fill in the blank 9 3 4         fill in the blank 11 fill in the blank 12 4 5         fill in the blank 14 fill in the blank 15 5 6 Aug. 13       fill in the blank 17 fill in the…

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Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400.  The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610.  The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d.  Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.