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Journal entry worksheet 6 8 > Record entry for purchase of merchandise on account. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal

Journal entry worksheet 6 8 > Record entry for purchase of merchandise on account. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal

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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### Journal Entry Worksheet #### Instructions Record the entry for the purchase of merchandise on account. **Note:** Enter debits before credits. #### Data Entry Fields | Event | General Journal | Debit | Credit | |-------|------------------|-------|--------| | 01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | #### Controls - **Record entry** - **Clear entry** - **View general journal** This journal entry worksheet is designed to help you record financial transactions accurately. Each transaction should be recorded with the corresponding debit and credit amounts in the appropriate columns. Make sure to enter debits before credits to ensure proper accounting practices. Use the controls at the bottom of the worksheet to either record the entry, clear the entry if you need to make a correction, or view the general journal for an overview of all recorded transactions.
Transcribed Image Text:### Journal Entry Worksheet #### Instructions Record the entry for the purchase of merchandise on account. **Note:** Enter debits before credits. #### Data Entry Fields | Event | General Journal | Debit | Credit | |-------|------------------|-------|--------| | 01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | #### Controls - **Record entry** - **Clear entry** - **View general journal** This journal entry worksheet is designed to help you record financial transactions accurately. Each transaction should be recorded with the corresponding debit and credit amounts in the appropriate columns. Make sure to enter debits before credits to ensure proper accounting practices. Use the controls at the bottom of the worksheet to either record the entry, clear the entry if you need to make a correction, or view the general journal for an overview of all recorded transactions.
### Required Information #### The following information applies to the questions displayed below: The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: | Account Titles | Debit | Credit | |---------------------|--------|--------| | Cash | $16,000| | | Inventory | $8,000 | | | Common Stock | | $20,000| | Retained Earnings | | $4,000 | | **Total** | $24,000| $24,000| <u>The following events affected the company during the Year 2 accounting period:</u> 1. **Purchased merchandise on account that cost $15,000.** 2. **The goods in Event 1 were purchased FOB shipping point with freight cost of $800 cash.** 3. **Returned $2,600 of damaged merchandise for credit on account.** 4. **Agreed to keep other damaged merchandise for which the company received an $1,100 allowance.** 5. **Sold merchandise that cost $15,000 for $31,000 cash.** 6. **Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cash.** 7. **Paid $8,000 on the merchandise purchased in Event 1.** 8. **Paid $9,000 cash for operating expenses.** #### Required (Additional specific questions or tasks related to the provided events might be presented here.)
Transcribed Image Text:### Required Information #### The following information applies to the questions displayed below: The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: | Account Titles | Debit | Credit | |---------------------|--------|--------| | Cash | $16,000| | | Inventory | $8,000 | | | Common Stock | | $20,000| | Retained Earnings | | $4,000 | | **Total** | $24,000| $24,000| <u>The following events affected the company during the Year 2 accounting period:</u> 1. **Purchased merchandise on account that cost $15,000.** 2. **The goods in Event 1 were purchased FOB shipping point with freight cost of $800 cash.** 3. **Returned $2,600 of damaged merchandise for credit on account.** 4. **Agreed to keep other damaged merchandise for which the company received an $1,100 allowance.** 5. **Sold merchandise that cost $15,000 for $31,000 cash.** 6. **Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cash.** 7. **Paid $8,000 on the merchandise purchased in Event 1.** 8. **Paid $9,000 cash for operating expenses.** #### Required (Additional specific questions or tasks related to the provided events might be presented here.)
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