Problem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandisin separate account for each receivable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and returned, $120. 19 Issued a $420 credit memo to the customer who purchased merchandise on October 15 and returned a portion for credit. 25 Received payment for the merchandise sold on October 15. 29 The customer of October 12 paid for the purchase of that date. 31 Paid for the merchandise purchased on October 1.
Problem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandisin separate account for each receivable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and returned, $120. 19 Issued a $420 credit memo to the customer who purchased merchandise on October 15 and returned a portion for credit. 25 Received payment for the merchandise sold on October 15. 29 The customer of October 12 paid for the purchase of that date. 31 Paid for the merchandise purchased on October 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 5-10A Journal entries for merchandising transactions-periodic LO7
Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use
separate account for each receivable and payable:
October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800.
2 Sold merchandise for cash, $2,100.
7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the
seller's factory.
7 Paid $450 cash for freight charges on the merchandise shipment of the previous
transaction.
8 Purchased delivery equipment from Finlay Supplies on credit, $24,000.
12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800.
13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for
credit.
13 Purchased office supplies on credit from Staples, $620, n/30.
15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650.
15 Paid for the merchandise purchased on October 7.
16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and
returned, $120.
19 Issued a $420 credit memo to the customer who purchased merchandise on October 15 and
returned a portion for credit.
25 Received payment for the merchandise sold on October 15.
29 The customer of October 12 paid for the purchase of that date.
31 Paid for the merchandise purchased on October 1.
Transcribed Image Text:Journal entry worksheet
1
8
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15
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Record the receipt of payment for the merchandise sold on October 12.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
October 29
Record entry
Clear entry
View general journal
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