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.
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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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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:
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1f5af04-8287-4d13-a22c-6d4fe42fe9ce%2F92c4d499-f3ef-4992-9cd9-b17db082155e%2F5uc34ia_processed.png&w=3840&q=75)
Transcribed Image Text: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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1f5af04-8287-4d13-a22c-6d4fe42fe9ce%2F92c4d499-f3ef-4992-9cd9-b17db082155e%2F4574096_processed.png&w=3840&q=75)
Transcribed Image Text: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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