Sold merchandise on account to landscapes Co., s35,450, terms July 1. FOB shipping point, n/eom. The cost of merchandise sold was $20,000. Sold merchandise for $86,000 plus 8% .sales lax to retail cash 2. customers. The cost of merchandise sold was $51,600. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold 5. was $10,000. Sold merchandise for 5112,000 plus 8% sales tax to retail 8. customers who used VISA cards. The cost of merchandise sold was $67,200. Sold merchandise to customers who used MasterCard cards, 1s. $96,000. The cost of merchandise sold was $57,600. Sold merchandise on account to Loeb Co., $16,000, terms FOB 14. shipping point, 1/10, n/so. The cost of" merchandise sold was $9,000. Received check for amount due from Peacock Company for sale 15. on July 5. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise 16. returned was $1,800. Sold merchandise on account to Jennings Company. $11,550, terms FOB shipping point, 2/10, n/s0. Paid $475 for freight and 18. added it to the invoice. The cost of merchandise sold was $6,800. Received check for amount due from Loeb Co. for sale on July 24. 14 less credit memo of July 16. Received check for amount due from Jennings Company for 28. sale of July 18. Paid Black Lab Delivery Service $8,550 for delivery of s1. merchandise in July to customers under shipping terms of FOB destination. Received check for amount due from Landscapes Co. for sale of s1. July 1. Aug. Paid Hays Federal Bank $5,770 for service fees for handling MasterCard and VISA sales during July. S. |10. Paid $41,260 to state sales tax division for taxes owed on sales.

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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Question

Sales-related transactions using perpetual inventory system

The following selected transactions were completed by Green Lawn
Supplies Co., which sells irrigation supplies primarily to wholesalers and
occasionally to retail customers:

Instructions
Journalize the entries to record the transactions of Green Lawn Supplies
Co.

Sold merchandise on account to landscapes Co., s35,450, terms
July
1.
FOB shipping point, n/eom. The cost of merchandise sold was
$20,000.
Sold merchandise for $86,000 plus 8% .sales lax to retail cash
2.
customers. The cost of merchandise sold was $51,600.
Sold merchandise on account to Peacock Company, $17,500,
terms FOB destination, 1/10, n/30. The cost of merchandise sold
5.
was $10,000.
Sold merchandise for 5112,000 plus 8% sales tax to retail
8.
customers who used VISA cards. The cost of merchandise sold
was $67,200.
Sold merchandise to customers who used MasterCard cards,
1s.
$96,000. The cost of merchandise sold was $57,600.
Sold merchandise on account to Loeb Co., $16,000, terms FOB
14.
shipping point, 1/10, n/so. The cost of" merchandise sold was
$9,000.
Received check for amount due from Peacock Company for sale
15.
on July 5.
Issued credit memo for $3,000 to Loeb Co. for merchandise
returned from sale on July 14. The cost of the merchandise
16.
returned was $1,800.
Sold merchandise on account to Jennings Company. $11,550,
terms FOB shipping point, 2/10, n/s0. Paid $475 for freight and
18.
added it to the invoice. The cost of merchandise sold was
$6,800.
Received check for amount due from Loeb Co. for sale on July
24.
14 less credit memo of July 16.
Received check for amount due from Jennings Company for
28.
sale of July 18.
Paid Black Lab Delivery Service $8,550 for delivery of
s1.
merchandise in July to customers under shipping terms of FOB
destination.
Received check for amount due from Landscapes Co. for sale of
s1.
July 1.
Aug. Paid Hays Federal Bank $5,770 for service fees for handling
MasterCard and VISA sales during July.
S.
|10.
Paid $41,260 to state sales tax division for taxes owed on sales.
Transcribed Image Text:Sold merchandise on account to landscapes Co., s35,450, terms July 1. FOB shipping point, n/eom. The cost of merchandise sold was $20,000. Sold merchandise for $86,000 plus 8% .sales lax to retail cash 2. customers. The cost of merchandise sold was $51,600. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold 5. was $10,000. Sold merchandise for 5112,000 plus 8% sales tax to retail 8. customers who used VISA cards. The cost of merchandise sold was $67,200. Sold merchandise to customers who used MasterCard cards, 1s. $96,000. The cost of merchandise sold was $57,600. Sold merchandise on account to Loeb Co., $16,000, terms FOB 14. shipping point, 1/10, n/so. The cost of" merchandise sold was $9,000. Received check for amount due from Peacock Company for sale 15. on July 5. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise 16. returned was $1,800. Sold merchandise on account to Jennings Company. $11,550, terms FOB shipping point, 2/10, n/s0. Paid $475 for freight and 18. added it to the invoice. The cost of merchandise sold was $6,800. Received check for amount due from Loeb Co. for sale on July 24. 14 less credit memo of July 16. Received check for amount due from Jennings Company for 28. sale of July 18. Paid Black Lab Delivery Service $8,550 for delivery of s1. merchandise in July to customers under shipping terms of FOB destination. Received check for amount due from Landscapes Co. for sale of s1. July 1. Aug. Paid Hays Federal Bank $5,770 for service fees for handling MasterCard and VISA sales during July. S. |10. Paid $41,260 to state sales tax division for taxes owed on sales.
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