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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vaughn Company uses the perpetual method, a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. The cost of all merchandise sold was 65% of the sales price. July 2 July 5 July 8 July 10 July 15 July 18 July 20 July 25 July 31 Sold merchandise for $20,300 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. Received a check for $3,600 (no discount) from K. Bryant in payment of his account. Sold merchandise to S. O'Neal for $3,200 cash. Received a check in payment of Sales invoice No. 100 from M. Jordan less the 1% discount. Sold merchandise for $9,300 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. Borrowed $17,300 cash from Pacific Bank signing a 6-month, 10% note. Sold merchandise for $14,300 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. Issued a credit (reduction) of $3,060 to J. West as an allowance for damaged merchandise previously sold on account. Received a check from K. Jabbar for $7,800 as partial payment on account. Record the above transactions in the appropriate journals. (Record entries in the order displayed in the problem statement) Date Account Debited VAUGHN COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. $1 Cost of Goods Sold Dr. Inventory Cr.
Transcribed Image Text:Vaughn Company uses the perpetual method, a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. The cost of all merchandise sold was 65% of the sales price. July 2 July 5 July 8 July 10 July 15 July 18 July 20 July 25 July 31 Sold merchandise for $20,300 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. Received a check for $3,600 (no discount) from K. Bryant in payment of his account. Sold merchandise to S. O'Neal for $3,200 cash. Received a check in payment of Sales invoice No. 100 from M. Jordan less the 1% discount. Sold merchandise for $9,300 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. Borrowed $17,300 cash from Pacific Bank signing a 6-month, 10% note. Sold merchandise for $14,300 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. Issued a credit (reduction) of $3,060 to J. West as an allowance for damaged merchandise previously sold on account. Received a check from K. Jabbar for $7,800 as partial payment on account. Record the above transactions in the appropriate journals. (Record entries in the order displayed in the problem statement) Date Account Debited VAUGHN COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. $1 Cost of Goods Sold Dr. Inventory Cr.
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