Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period. Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory
Inventory 168 Cash 8,232 v Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable 11,000 Sales Revenue 11,000 To record revenue from sale of merchandise. 13 Cost of Goods Sold 8,000 Inventory 8,000 To record cost of merchandise sold and to reduce inventory. 16 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 To record sales return by customer. 750 16 Inventory Cost of Goods Sold 750 To record cost of goods returned by customers. 22 Cash Sales Discounts Accounts Receivable To record receipt of cash from customer within the discount period. Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: 1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. June 3 Paid $450 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $9,000 purchase). 10 Paid for merchandise purchased on June 1. 13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30. 16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Description Debit Credit Date June 1 Inventory 9,000 v $ Accounts Payable 9,000 v Purchased merchandise with 2/10, n/30 terms. 3 Inventory 450 Cash 450 v Paid freight on June 1 purchase. 7 Accounts Payable 600 v Inventory 600 v Returned merchandise from June 1 purchase. 10 Accounts Payable 8,400 v 168 V Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I can't figure out the last portion of this question:
2 images uploaded bottom that has red X missing
Transcribed Image Text:Inventory
168
Cash
8,232 v
Paid for merchandise purchased on June 1 within the discount period.
13 Accounts Receivable
11,000
Sales Revenue
11,000
To record revenue from sale of merchandise.
13 Cost of Goods Sold
8,000
Inventory
8,000
To record cost of merchandise sold and to reduce inventory.
16 Sales Returns and Allowances
1,000
Accounts Receivable
1,000
To record sales return by customer.
750
16 Inventory
Cost of Goods Sold
750
To record cost of goods returned by customers.
22 Cash
Sales Discounts
Accounts Receivable
To record receipt of cash from customer within the discount period.
Transcribed Image Text:Journal Entries for Merchandise Transactions-Perpetual System
Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June:
1 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30.
June
3 Paid $450 cash for freight on the June 1 purchase.
7 Returned merchandise costing $600 (part of the $9,000 purchase).
10 Paid for merchandise purchased on June 1.
13 Sold merchandise on account costing $8,000 for $11,000; terms were 2/10, n/30.
16 Customer returned merchandise costing $750 that had been sold on account for $1,000 (part of the $11,000 sale).
22 Received payment from customer for merchandise sold on June 13.
Required
Prepare journal entries for each of the transactions for the Cushing Distributing Company.
GENERAL JOURNAL
Description
Debit
Credit
Date
June 1 Inventory
9,000 v $
Accounts Payable
9,000 v
Purchased merchandise with 2/10, n/30 terms.
3 Inventory
450
Cash
450 v
Paid freight on June 1 purchase.
7 Accounts Payable
600 v
Inventory
600 v
Returned merchandise from June 1 purchase.
10 Accounts Payable
8,400 v
168 V
Inventory
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