Bruce Bonner began a web-based computer sales and service company on August 1, 2024 called Bonner's Toys Corporation. The following information is available for August, 2024 (assume a perpetual inventory system). August 1 Purchased $8,000 of merchandise inventory from Allarco Inc.; terms 1/10, n30; FOB shipping point. 1 $16,000 of merchandise was purchased from Global Filter Corp. on account; terms 1/10, n30. 2 Received the August 1, 2024 purchase and paid cash of $200 for shipping. 2 Sold merchandise to Joey Juno that cost $3,200 for $4,000; terms 1/15, n30. 4 Paid for the merchandise purchased from Allarco Inc. on August 1, 2024. 8 The customer of August 2, 2024 returned $900 of their purchase due to defects; the returned merchandise will not be returned to inventory. 11 Collected the balance owing regarding the August 2, 2024 sale. 13 Paid for the merchandise purchased from Global Filter Corp. on August 1, 2024. 15 Sold merchandise to Joey Juno that cost $5,900 for $6,500 cash. Additional information available at month end, August 31: The merchandise inventory was counted and there was a balance on hand at August 31 of $13,820. Required: Prepare the journal entries in the Excel file provided based on the transactions that occurred from August 1 to August 31. Record any adjusting entries in the Excel file provided for the month ended August 31 based on the additional information. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate Explanation where calculations are required for the journal entry.
Bruce Bonner began a web-based computer sales and service company on August 1, 2024 called Bonner's Toys Corporation. The following information is available for August, 2024 (assume a perpetual inventory system).
|
August 1 |
Purchased $8,000 of merchandise inventory from Allarco Inc.; terms 1/10, n30; FOB shipping point. |
|
1 |
$16,000 of merchandise was purchased from Global Filter Corp. on account; terms 1/10, n30. |
|
2 |
Received the August 1, 2024 purchase and paid cash of $200 for shipping. |
|
2 |
Sold merchandise to Joey Juno that cost $3,200 for $4,000; terms 1/15, n30. |
|
4 |
Paid for the merchandise purchased from Allarco Inc. on August 1, 2024. |
|
8 |
The customer of August 2, 2024 returned $900 of their purchase due to defects; the returned merchandise will not be returned to inventory. |
|
11 |
Collected the balance owing regarding the August 2, 2024 sale. |
|
13 |
Paid for the merchandise purchased from Global Filter Corp. on August 1, 2024. |
|
15 |
Sold merchandise to Joey Juno that cost $5,900 for $6,500 cash. |
Additional information available at month end, August 31:
- The merchandise inventory was counted and there was a balance on hand at August 31 of $13,820.
Required:
Prepare the journal entries in the Excel file provided based on the transactions that occurred from August 1 to August 31. Record any
Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate Explanation where calculations are required for the
Journal Entries are the records of the transactions entered into by the organization during the financial year. All the transactions are recorded chronologically. Once they are recorded they shall be posted to the T-Accounts.
Using Ending balance of T-Accounts shall be used to prepare the trial balance.
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