Prepare the journal entries for the Brady Corporation in the general journal provided. Oct1Sold merchandise to Hannah Company, $40,000, terms FOB Shipping Point, 1/10, n/30. The cost of merchandise sold was $27,000. 3Sold merchandise for $12,000 plus 5% sales tax to retail cash customers. The cost of the merchandise sold was $8,000. The goods were picked up by the customers. 6Sold merchandise to Welker Industries, $35,000, terms FOB Destination Point, 2/10, n/eom. The cost of the merchandise sold was $23,000. 8Paid the freight invoice of $450 related to the Welker Industries sale. 11Received payment from Hannah Company for the October 1 invoice. 16Received payment from Welker Industries for the October 6 sale. 19Paid the sales tax to the government for the amount collected from the retail cash customers this month. 21Sold merchandise to Gronkowski Corp., $50,000, terms FOB Shipping Point, 1/10, n/45. The cost of merchandise sold was $31,000. 29Merchandise with an invoiced amount of $5,000 was returned by Gronkowski Corp. The cost of the merchandise returned was $3,100. General Journal DateAccount Debit Credit Oct1 0 1 0 3 0 3 0 0 6 0 6 0 8 0 11 0 16 0 19 0 21 0 21 0 29 0 29 0

General Journal is used to record the daily transactions of the Business Entity. Under this, both…

Answered: Prepare the journal entries for the…

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 the journal entries for the Brady Corporation in the general journal provided.


Oct	1	Sold merchandise to Hannah Company, $40,000, terms FOB Shipping
		Point, 1/10, n/30. The cost of merchandise sold was $27,000.
	3	Sold merchandise for $12,000 plus 5% sales tax to retail cash customers. The cost
		of the merchandise sold was $8,000. The goods were picked up by the customers.
	6	Sold merchandise to Welker Industries, $35,000, terms FOB Destination
		Point, 2/10, n/eom. The cost of the merchandise sold was $23,000.
	8	Paid the freight invoice of $450 related to the Welker Industries sale.
	11	Received payment from Hannah Company for the October 1 invoice.
	16	Received payment from Welker Industries for the October 6 sale.
	19	Paid the sales tax to the government for the amount collected from the retail
		cash customers this month.
	21	Sold merchandise to Gronkowski Corp., $50,000, terms FOB Shipping
		Point, 1/10, n/45. The cost of merchandise sold was $31,000.
	29	Merchandise with an invoiced amount of $5,000 was returned by Gronkowski
		Corp. The cost of the merchandise returned was $3,100.


		General Journal
	Date	Account	Debit	Credit

Oct	1				0


	1				0


	3				0



	3				0
					0

	6				0


	6				0


	8				0


	11				0



	16				0



	19				0


	21				0


	21				0


	29				0


	29				0

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