July 2 Purchased 1500 Gizmos from T Co. @ $3 eạ for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)
July 2 Purchased 1500 Gizmos from T Co. @ $3 eạ for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Merchandising Journal Entries
Transcribed Image Text:July 2
Purchased 1500 Gizmos from T Co. @ $3 ea for cash
July 5
Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500
July 7
Received merchandise from Z Co. Paid $500 freight
July 9
Returned 250 Gizmos to T Co. Refund to be received in two weeks
July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300
July 12 Paid freight on sale to H Co. $300
July 15 Paid Zz Co. for purchase of July 5 within the discount period
July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea)
July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30)
July 20 Purchased $400 of supplies for cash
July 21 Collect from H Co. within the discount period (less return on July 17)
July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea)
July 25 Received refund from T Co. for merchandise returned on July 9
July 29 Paid B Co. within the discount period (less return on July 23)
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