Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles. May 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4 Paid freight on purchase of May 3, $600. 6 Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22,300 cash from Halstad Co. on account. 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last half of May, $11,000. 16 Received cash from sale of May 6. 19 Purchased merchandise for cash, $18,700. 19 Paid $33,450 to Buttons Co. on account. 20 Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000.
Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles. May 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4 Paid freight on purchase of May 3, $600. 6 Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22,300 cash from Halstad Co. on account. 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last half of May, $11,000. 16 Received cash from sale of May 6. 19 Purchased merchandise for cash, $18,700. 19 Paid $33,450 to Buttons Co. on account. 20 Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
| May | 1 | Paid rent for May, $5,000. | |||||||||||||||||||||||||||||||||
| 3 | Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. | ||||||||||||||||||||||||||||||||||
| 4 | Paid freight on purchase of May 3, $600. | ||||||||||||||||||||||||||||||||||
| 6 | Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. | ||||||||||||||||||||||||||||||||||
| 7 | Received $22,300 cash from Halstad Co. on account. | ||||||||||||||||||||||||||||||||||
| 10 | Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. | ||||||||||||||||||||||||||||||||||
| 13 | Paid for merchandise purchased on May 3. | ||||||||||||||||||||||||||||||||||
| 15 | Paid advertising expense for last half of May, $11,000. | ||||||||||||||||||||||||||||||||||
| 16 | Received cash from sale of May 6. | ||||||||||||||||||||||||||||||||||
| 19 | Purchased merchandise for cash, $18,700. | ||||||||||||||||||||||||||||||||||
| 19 | Paid $33,450 to Buttons Co. on account. | ||||||||||||||||||||||||||||||||||
| 20 |
Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000.
Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
|
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