Requirements 1 & 2. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to awhole dollar.) Assume the company uses the perpetual inventory system. Total each column of the sales journal. (If a box is not used in the journal leave the box empty,do not select information and do not enter a zero. Abbreviation used: Inv. = Invoice.)DateFeb.Feb.28Inv. No.TotalsCustomerAccount DebitedPost.Ref.Sales JournalAccounts Receivable DRSales Revenue CRCost of Goods Sold DRMerchandise Inventory CRPage 1 Feb.1Sold merchandise inventory on account, terms n/30, to Cool Co.,$1,225. Cost of goods, $840. Invoice no. 401.6Sold merchandise inventory for cash, $920 (cost, $730).12 Collected interest revenue of $140.15 Received cash from Cool Co. in full settlement of its accountreceivable.20 Sold merchandise inventory on account, terms n/30, to Dill Co.,issuing invoice no. 402 for $400 (cost, $330).22 Sold merchandise inventory for cash, $580 (cost $450).26 Sold office supplies to an employee for cash of $170.28Received $400 from Dill Co. in full settlement of its accountreceivable.

Requirements 1 & 2. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to whole dollar.) Assume the company uses the perpetual inventory system. Total each column of the sales journal. (If a box is not used in the journal leave the box do not select information and do not enter a zero. Abbreviation used: Inv. = Invoice.) Date Feb. Feb 28 Inv. No. Totals Customer Account Debited Post. Ref. Sales Journal Accounts Receivable DR Sales Revenue CR Cost of Goods Sold DR Merchandise Inventory CR Page 1

Requirements 1 & 2. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to whole dollar.) Assume the company uses the perpetual inventory system. Total each column of the sales journal. (If a box is not used in the journal leave the box do not select information and do not enter a zero. Abbreviation used: Inv. = Invoice.) Date Feb. Feb 28 Inv. No. Totals Customer Account Debited Post. Ref. Sales Journal Accounts Receivable DR Sales Revenue CR Cost of Goods Sold DR Merchandise Inventory CR Page 1

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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Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…
M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
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Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
Consider the following transactions for Brighton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Brighton Drug Store? ... Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 2: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to…
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