Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System The following are selected transactions for Jefferson, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. April 27 Lind Stores returned defective merchandise billed at $300 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction. Required Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries JEFFERSON, INC. GENERAL JOURNAL Date Description Debit Credit Apr. 20 Answer Answer Answer Answer Answer Answer Sold merchandise to Lind Stores terms 1/10, n/30. 27 Answer Answer Answer Answer Answer Answer Merchandise returned by Lind Stores. 29 Cash Answer Answer Answer Answer Answer Answer Answer Answer Received amount due from Lind Stores. Apr.20Answer Answer Answer Answer Answer Answer Purchase of merchandise from Jefferson, Inc. terms 2/10, n/30. 27Answer Answer Answer Answer Answer Answer Returned goods to Jefferson, Inc., for credit. 29Answer Answer Answer Answer Answer Answer CashAnswer Answer Paid amount due to Jefferson, Inc.
Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System The following are selected transactions for Jefferson, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. April 27 Lind Stores returned defective merchandise billed at $300 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction. Required Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries JEFFERSON, INC. GENERAL JOURNAL Date Description Debit Credit Apr. 20 Answer Answer Answer Answer Answer Answer Sold merchandise to Lind Stores terms 1/10, n/30. 27 Answer Answer Answer Answer Answer Answer Merchandise returned by Lind Stores. 29 Cash Answer Answer Answer Answer Answer Answer Answer Answer Received amount due from Lind Stores. Apr.20Answer Answer Answer Answer Answer Answer Purchase of merchandise from Jefferson, Inc. terms 2/10, n/30. 27Answer Answer Answer Answer Answer Answer Returned goods to Jefferson, Inc., for credit. 29Answer Answer Answer Answer Answer Answer CashAnswer Answer Paid amount due to Jefferson, Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following are selected transactions for Jefferson, Inc., during the month of April:
| April 20 | Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. |
| April 27 | Lind Stores returned defective merchandise billed at $300 on April 20. |
| April 29 | Received from Lind Stores a check for full settlement of the April 20 transaction. |
Required
Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system.
- Sellers journal entries
- Buyer's journal entries
| JEFFERSON, INC. GENERAL JOURNAL | ||||
|---|---|---|---|---|
| Date | Description | Debit | Credit | |
| Apr. | 20 | Answer
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Answer
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Answer
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| Answer
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Answer
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Answer
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| Sold merchandise to Lind Stores terms 1/10, n/30. | ||||
| 27 | Answer
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Answer
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Answer
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| Answer
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Answer
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Answer
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| Merchandise returned by Lind Stores. | ||||
| 29 | Cash | Answer
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Answer
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| Answer
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Answer
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Answer
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||
| Answer
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Answer
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Answer
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| Received amount due from Lind Stores. |
Apr.20Answer
Answer
Answer
Answer
Answer
Answer
Purchase of merchandise from Jefferson, Inc. terms 2/10, n/30. 27Answer
Answer
Answer
Answer
Answer
Answer
Returned goods to Jefferson, Inc., for credit. 29Answer
Answer
Answer
Answer
Answer
Answer
CashAnswer
Answer
Paid amount due to Jefferson, Inc.
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