GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) es July 2. The merchandise had cost $1,860. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) es July 2. The merchandise had cost $1,860. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:d
1
5
rint
GLO401 (Algo) - Based on Problem 4-1A LO P1, P2
erences
Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and
the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts
Payable-Griffin.)
Graw
July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point,
invoice dated July 1.
July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice
dated July 2. The merchandise had cost $1,860.
July 3 Paid $1,005 cash for freight charges on the purchase of July 1.
July 8 Sold merchandise that had cost $3,700 for $6,100 cash.
July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice
dated July 9.
July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that
amount.
July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount.
July 16 Paid the balance due to Griffin Company within the discount period.
July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping
point, invoice dated July 19.
July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited
Garcia's accounts receivable for that amount.
July 24 Paid Lee Company the balance due, net of discount.
July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of iscount.
July 31. Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping
point, invoice dated July 31.
General
Journal
Requirement
General
Ledger
Schedule of
Receivables
Schedule of
Payables
Prepare a multiple-step income statement through the calculation of gross profit.
Trial Balance
Turner's Company
Partial Income Statement
For the Month Ended July 31, 2021
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Transcribed Image Text:General
Journal
Requirement
General
Ledger
Schedule of
Payables
Prepare a multiple-step income statement through the calculation of gross profit.
Trial Balance
Turner's Company
Partial Income Statement
For the Month Ended July 31, 2021
Schedule of
Receivables
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