Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,600 on account from Sampson Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $300. Returned $600 of inventory to Sampson. Paid Sampson Diamonds, less return. Purchased inventory of $4,500 on account from Shanley Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $800 allowance from Shanley for damaged but usable goods. Paid Shanley Diamonds, less allowance and discount.
Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,600 on account from Sampson Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $300. Returned $600 of inventory to Sampson. Paid Sampson Diamonds, less return. Purchased inventory of $4,500 on account from Shanley Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $800 allowance from Shanley for damaged but usable goods. Paid Shanley Diamonds, less allowance and discount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then
credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.)
Jun. 20: Purchased inventory of $5,600 on account from Sampson Diamonds, a jewelry importer. Terms were 2/15,
n/45, FOB shipping point.
Date
Jun. 20
Accounts
Debit
Credit
Transcribed Image Text:More info
Jun. 20
Jun. 20
Jul. 4
Jul. 14
Jul. 16
Jul. 18
Jul. 24
Purchased inventory of $5,600 on account from Sampson Diamonds, a jewelry
importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $300.
Returned $600 of inventory to Sampson.
Paid Sampson Diamonds, less return.
Purchased inventory of $4,500 on account from Shanley Diamonds, a jewelry
importer. Terms were 2/10, n/EOM, FOB destination.
Received a $800 allowance from Shanley for damaged but usable goods.
Paid Shanley Diamonds, less allowance and discount.
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