The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:July 1.Sold merchandise on account to Landscapes Co., $15,500, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,300.2.Sold merchandise for $19,700 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $12,800.5.Sold merchandise on account to Peacock Company, $32,600, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $21,200.8.Sold merchandise for $8,300 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,000.13.Sold merchandise to customers who used MasterCard cards, $5,000. The cost of merchandise sold was $3,200.14.Sold merchandise on account to Loeb Co., $13,200, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,800.15.Received check for amount due from Peacock Company for sale on July 5.16.Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100.18.Sold merchandise on account to Jennings Company, $5,500, terms FOB shipping point, 2/10, n/30. Paid $260 for freight and added it to the invoice. The cost of merchandise sold was $3,300.24.Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.28.Received check for amount due from Jennings Company for sale of July 18.31.Paid Black Lab Delivery Service $1,870 for merchandise delivered during July to customers under shipping terms of FOB destination.31.Received check for amount due from Landscapes Co. for sale of July 1.Aug. 3.Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July10.Paid $1,900 to state sales tax division for taxes owed on sales.Required:Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank. DateAccountDebitCreditJuly 13-Cost of Merchandise Sold3,200costMerchandise Inventory3,200DateAccountDebitCreditJuly 14-Accounts Receivable-Loeb Co.13,068saleSales13,068DateAccountDebitCreditJuly 14-Cost of Merchandise Sold7,800costMerchandise Inventory7,800DateAccountDebitCreditJuly 15 Cash32,274Accounts Receivable-Peacock Company32,274DateAccountDebitCreditJuly 16-Customer Refunds Payable2,000returmAccounts Receivable-Loeb Co.2,000DateAccountDebitCreditJuly 16-Merchandise Inventory1,100costEstimated Retums Inventory1,100DateAccountDebitCreditJuly 18-Accounts Receivable-Jennings Company5,390saleSales5,390DateAccountDebitCreditJuly 18-Accounts Receivable-Jennings Company255freightCash255DateAccountDebitCreditJuly 18-Cost of Merchandise Sold3,300costMerchandise Inventory3,300 DateAccountDebitCreditJuly 1-sale Accounts Receivable-Landscapes Co.15,500Sales15,500DateAccountDebitCreditJuly 1-cost Cost of Merchandise Sold9,300Merchandise Inventory9,300DateAccountDebitCreditJuly 2-saleCash20,685Sales19,700Sales Tax Payable985DateAccountDebitCreditJuly 2-cost Cost of Merchandise Sold12,800Merchandise Inventory12,800DateAccountDebitCreditJuly 5-sale Accounts Receivable-Peacock Company32,274Sales32,274DateAccountDebitCreditJuly 5-cost Cost of Merchandise Sold21,200Merchandise Inventory21,200DateAccountDebitCreditJuly 8-saleCash8,964Sales8,300Sales Tax Payable664DateAccountDebitCreditJuly 8-cost Cost of Merchandise Sold5,000Merchandise Inventory5,000DateAccountDebitCreditJuly 13-Cash5,000saleSales5,000

Journal Entries: Date Description Debit Credit 1-Jul Accounts receivable -Landscapes Co. $15,500…

Answered: July 1. Sold merchandise on account to…

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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Question

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:

July 1.	Sold merchandise on account to Landscapes Co., $15,500, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,300.
2.	Sold merchandise for $19,700 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $12,800.
5.	Sold merchandise on account to Peacock Company, $32,600, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $21,200.
8.	Sold merchandise for $8,300 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,000.
13.	Sold merchandise to customers who used MasterCard cards, $5,000. The cost of merchandise sold was $3,200.
14.	Sold merchandise on account to Loeb Co., $13,200, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,800.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100.
18.	Sold merchandise on account to Jennings Company, $5,500, terms FOB shipping point, 2/10, n/30. Paid $260 for freight and added it to the invoice. The cost of merchandise sold was $3,300.
24.	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28.	Received check for amount due from Jennings Company for sale of July 18.
31.	Paid Black Lab Delivery Service $1,870 for merchandise delivered during July to customers under shipping terms of FOB destination.
31.	Received check for amount due from Landscapes Co. for sale of July 1.
Aug. 3.	Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July
10.	Paid $1,900 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.

Date
Account
Debit
Credit
July 13-
Cost of Merchandise Sold
3,200
cost
Merchandise Inventory
3,200
Date
Account
Debit
Credit
July 14-
Accounts Receivable-Loeb Co.
13,068
sale
Sales
13,068
Date
Account
Debit
Credit
July 14-
Cost of Merchandise Sold
7,800
cost
Merchandise Inventory
7,800
Date
Account
Debit
Credit
July 15 Cash
32,274
Accounts Receivable-Peacock Company
32,274
Date
Account
Debit
Credit
July 16-
Customer Refunds Payable
2,000
returm
Accounts Receivable-Loeb Co.
2,000
Date
Account
Debit
Credit
July 16-
Merchandise Inventory
1,100
cost
Estimated Retums Inventory
1,100
Date
Account
Debit
Credit
July 18-
Accounts Receivable-Jennings Company
5,390
sale
Sales
5,390
Date
Account
Debit
Credit
July 18-
Accounts Receivable-Jennings Company
255
freight
Cash
255
Date
Account
Debit
Credit
July 18-
Cost of Merchandise Sold
3,300
cost
Merchandise Inventory
3,300

Date
Account
Debit
Credit
July 1-sale Accounts Receivable-Landscapes Co.
15,500
Sales
15,500
Date
Account
Debit
Credit
July 1-cost Cost of Merchandise Sold
9,300
Merchandise Inventory
9,300
Date
Account
Debit
Credit
July 2-sale
Cash
20,685
Sales
19,700
Sales Tax Payable
985
Date
Account
Debit
Credit
July 2-cost Cost of Merchandise Sold
12,800
Merchandise Inventory
12,800
Date
Account
Debit
Credit
July 5-sale Accounts Receivable-Peacock Company
32,274
Sales
32,274
Date
Account
Debit
Credit
July 5-cost Cost of Merchandise Sold
21,200
Merchandise Inventory
21,200
Date
Account
Debit
Credit
July 8-sale
Cash
8,964
Sales
8,300
Sales Tax Payable
664
Date
Account
Debit
Credit
July 8-cost Cost of Merchandise Sold
5,000
Merchandise Inventory
5,000
Date
Account
Debit
Credit
July 13-
Cash
5,000
sale
Sales
5,000

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