Homework Help is Here – Start Your Trial Now!
Business
Accounting
During July, the last month of the fiscal year, the following transactions were completed: Date Transaction Paid rent for July 6,000 Sold merchandise on account to Korman Co.terms n/12 FOB shipping point, $ 78,000. The cost of the goods sold was $ 50,000. Purchases merchandise on account from Martin Co, terms 2/10 n/30 FOB shipping point $ 25,000. Paid freight on purchase of July 3, $ 500. Received $ 27,000 cash from Halstad Co. on account July 1 July 2 July 3 July 4 July 7 July 10 July 13 July 15 July 17 Sold Merchandise with a list price of $ 70,000 to customers who used visa and who redeemed $ 5,000 of point of sale coupons. The cost of goods sold was # 35,000 Paid for merchandise purchased on July 3. Paid Advertising Expenses for last half of July $25,000. Received cash from sale of July 2. Activ

During July, the last month of the fiscal year, the following transactions were completed: Date Transaction Paid rent for July 6,000 Sold merchandise on account to Korman Co.terms n/12 FOB shipping point, $ 78,000. The cost of the goods sold was $ 50,000. Purchases merchandise on account from Martin Co, terms 2/10 n/30 FOB shipping point $ 25,000. Paid freight on purchase of July 3, $ 500. Received $ 27,000 cash from Halstad Co. on account July 1 July 2 July 3 July 4 July 7 July 10 July 13 July 15 July 17 Sold Merchandise with a list price of $ 70,000 to customers who used visa and who redeemed $ 5,000 of point of sale coupons. The cost of goods sold was # 35,000 Paid for merchandise purchased on July 3. Paid Advertising Expenses for last half of July $25,000. Received cash from sale of July 2. Activ

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

question: Journalize (debit - credit) the transactions of July. All detailed calculations are to be included.

Entry should have narration please

 

 

please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

July 19 July 19 July 20 July 21 July 21 July 21 July 21 July 21 July 26 July 28 July 29 July 30 July 31 July 31 Purchase merchandise for cash $ 26,500. Paid $ 25,450 to Buttons Co. on account. Paid Kormn Co. a cash refund of $ 13,230 for returned merchandise from sale of May2. The cost of the returned merchandise was $ 8,000. Sold merchandise on account to crescent Co, terms n/eom, FOB shipping point, $ 90,000. The cost of goods sold was $ 80,000. For the convenience of Crescent Co, paid freight on sale of July 21, $ 4,500. Received $ 42,900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co. terms 1/10, n/30 FOB destinations $ 88,000. Returned damaged merchandise purchased on July 21, receiving a credit memo from the seller for $ 55,000. Refund cash on Sales made for cash $ 7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $ 56,000 and office salaries of $ 29,000. Purchase store supplies for cash $ 2,400. Sold merchandise on account to Turner Co, terms n/30, FOB shipping point, $ 78,750. The cost of the goods sold was $ 47,000. Received cash from sales of July 21 plus freight Paid for purchase of July 21, less return of July 21.
Transcribed Image Text:July 19 July 19 July 20 July 21 July 21 July 21 July 21 July 21 July 26 July 28 July 29 July 30 July 31 July 31 Purchase merchandise for cash $ 26,500. Paid $ 25,450 to Buttons Co. on account. Paid Kormn Co. a cash refund of $ 13,230 for returned merchandise from sale of May2. The cost of the returned merchandise was $ 8,000. Sold merchandise on account to crescent Co, terms n/eom, FOB shipping point, $ 90,000. The cost of goods sold was $ 80,000. For the convenience of Crescent Co, paid freight on sale of July 21, $ 4,500. Received $ 42,900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co. terms 1/10, n/30 FOB destinations $ 88,000. Returned damaged merchandise purchased on July 21, receiving a credit memo from the seller for $ 55,000. Refund cash on Sales made for cash $ 7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $ 56,000 and office salaries of $ 29,000. Purchase store supplies for cash $ 2,400. Sold merchandise on account to Turner Co, terms n/30, FOB shipping point, $ 78,750. The cost of the goods sold was $ 47,000. Received cash from sales of July 21 plus freight Paid for purchase of July 21, less return of July 21.
During July, the last month of the fiscal year, the following transactions were completed: Date Transaction July 1 July 2 July 3 July 4 July 7 July 10 July 13 July 15 July 17 Paid rent for July 6,000 Sold merchandise on account to Korman Co.terms n/12 FOB shipping point, $ 78,000. The cost of the goods sold was $ 50,000. Purchases merchandise on account from Martin Co, terms 2/10 n/30 FOB shipping point $ 25,000. Paid freight on purchase of July 3, $ 500. Received $ 27,000 cash from Halstad Co. on account Sold Merchandise with a list price of $ 70,000 to customers who used visa and who redeemed $ 5,000 of point of sale coupons. The cost of goods sold was # 35,000 Paid for merchandise purchased on July 3. Paid Advertising Expenses for last half of July $25,000. Received cash from sale of July 2. Activat
Transcribed Image Text:During July, the last month of the fiscal year, the following transactions were completed: Date Transaction July 1 July 2 July 3 July 4 July 7 July 10 July 13 July 15 July 17 Paid rent for July 6,000 Sold merchandise on account to Korman Co.terms n/12 FOB shipping point, $ 78,000. The cost of the goods sold was $ 50,000. Purchases merchandise on account from Martin Co, terms 2/10 n/30 FOB shipping point $ 25,000. Paid freight on purchase of July 3, $ 500. Received $ 27,000 cash from Halstad Co. on account Sold Merchandise with a list price of $ 70,000 to customers who used visa and who redeemed $ 5,000 of point of sale coupons. The cost of goods sold was # 35,000 Paid for merchandise purchased on July 3. Paid Advertising Expenses for last half of July $25,000. Received cash from sale of July 2. Activat
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS