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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 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 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.

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 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 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.

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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Prepare journal entries 1-17 please and thank you !

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 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. Mc Graw Hill Requirement General Journal View transaction list General Ledger Journal entry worksheet 1 Trial Balance Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Schedule of Schedule of Receivables Payables 5 7 8 17 Purchased merchandise from Griffin Company for $10,400 under credit terms Prey Income Statement 1 of 1 MacBook Air > Impact on Income Next
Transcribed Image Text: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 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. Mc Graw Hill Requirement General Journal View transaction list General Ledger Journal entry worksheet 1 Trial Balance Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Schedule of Schedule of Receivables Payables 5 7 8 17 Purchased merchandise from Griffin Company for $10,400 under credit terms Prey Income Statement 1 of 1 MacBook Air > Impact on Income Next
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