Presented below are transactions related to Tom Brokaw, Inc. May 10 Purchased goods billed at $15,000 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $13,200 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/30. Instructions a.    Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. b.    Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date.

Create General Journal entries

Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1   Accounts Receivable         Sales Revenue   (Record sale to customer)     Jan. 1   Cost of Goods Sold         Inventory   (Recorded cost of merchandise sold)     Jan. 8   Sales Revenue         Accounts Receivable   (Recorded return of merchandise)     Jan. 8   Inventory         Cost of Goods Sold   (Recorded cost of merchandise returned)     Jan. 10   Cash         Accounts Receivable   (Recorded receipt within discount period)     Jan. 30   Cash Cash     Accounts Receivable Accounts Receivable     Sales Revenue

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…

Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…

Match the.last day the discount may be taken to each letter Invoice Date Date Merchandise was Last Date Received Terms for Cash Discount a. September 28 October 4 8/10 EOM b. July 28 August 2 8/10 ROG C. January 22 January 27 2/10 EOM d. March 21 March 27 2/10 ROG е. May 30 June 6 1/15, n/30 f. September 14 September 17 3/10,n/30