The cost of all merchandise sold was 60% of the sales price. During January, Ayoade completed the following transactions. Jan. 3 Purchased merchandise on account from Parkinson Co. $11,000. 4 Purchased supplies for cash $71. 4 Sold merchandise on account to Douglas $5,030, invoice no. 371, terms 1/10, n/30. 5 Returned $200worth of damaged goods purchased on account from Parkinson Co. on January 3. 6 Made cash sales for the week totaling $3,250. 8 Purchased merchandise on account from Denholm Co. $5,300. 9 Sold merchandise on account to Connor Corp. $5,700, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Betz Co. $3,530. 13 Paid in full Parkinson Co. on account less a 2% discount. 13 Made cash sales for the week totaling $5,790. 15 Received payment from Connor Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,505to employees. 17 Received payment from Douglas for invoice no. 371. 17 Sold merchandise on account to Bullock Co. $2,430, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Murphy Corp. $5,407. 20 Cash sales for the week totaled $2,890. 20 Paid in full Denholm Co. on account less a 2% discount. 23 Purchased merchandise on account from Parkinson Co. $7,477. 24 Purchased merchandise on account from Forgetta Corp. $4,684. 27 Made cash sales for the week totaling $4,210. 30 Received payment from Bullock Co. for invoice no. 373. 31 Paid semi-monthly salaries of $12,063to employees. 31 Sold merchandise on account to Douglas $9,730, invoice no. 374, terms 1/10, n/30.Ayoade Company uses the following journals. 1. Sales journal. 2. Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal. Using the selected accounts provided: Record and Post the January transactions in the appropriate journal noted. Foot and crossfoot all special journals. (Record entries in the order displayed in the problem statement.)

The cost of all merchandise sold was 60% of the sales price. During January, Ayoade completed the following transactions. Jan. 3 Purchased merchandise on account from Parkinson Co. $11,000. 4 Purchased supplies for cash $71. 4 Sold merchandise on account to Douglas $5,030, invoice no. 371, terms 1/10, n/30. 5 Returned $200worth of damaged goods purchased on account from Parkinson Co. on January 3. 6 Made cash sales for the week totaling $3,250. 8 Purchased merchandise on account from Denholm Co. $5,300. 9 Sold merchandise on account to Connor Corp. $5,700, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Betz Co. $3,530. 13 Paid in full Parkinson Co. on account less a 2% discount. 13 Made cash sales for the week totaling $5,790. 15 Received payment from Connor Corp. for invoice no. 372. 15 Paid semi-monthly salaries of $14,505to employees. 17 Received payment from Douglas for invoice no. 371. 17 Sold merchandise on account to Bullock Co. $2,430, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Murphy Corp. $5,407. 20 Cash sales for the week totaled $2,890. 20 Paid in full Denholm Co. on account less a 2% discount. 23 Purchased merchandise on account from Parkinson Co. $7,477. 24 Purchased merchandise on account from Forgetta Corp. $4,684. 27 Made cash sales for the week totaling $4,210. 30 Received payment from Bullock Co. for invoice no. 373. 31 Paid semi-monthly salaries of $12,063to employees. 31 Sold merchandise on account to Douglas $9,730, invoice no. 374, terms 1/10, n/30.Ayoade Company uses the following journals. 1. Sales journal. 2. Single-column purchases journal. 3. Cash receipts journal. 4. Cash payments journal. 5. General journal. Using the selected accounts provided: Record and Post the January transactions in the appropriate journal noted. Foot and crossfoot all special journals. (Record entries in the order displayed in the problem statement.)

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

The cost of all merchandise sold was 60% of the sales price. During January, Ayoade completed the following transactions.

Jan. 3		Purchased merchandise on account from Parkinson Co. $11,000.
4		Purchased supplies for cash $71.
4		Sold merchandise on account to Douglas $5,030, invoice no. 371, terms 1/10, n/30.
5		Returned $200worth of damaged goods purchased on account from Parkinson Co. on January 3.
6		Made cash sales for the week totaling $3,250.
8		Purchased merchandise on account from Denholm Co. $5,300.
9		Sold merchandise on account to Connor Corp. $5,700, invoice no. 372, terms 1/10, n/30.
11		Purchased merchandise on account from Betz Co. $3,530.
13		Paid in full Parkinson Co. on account less a 2% discount.
13		Made cash sales for the week totaling $5,790.
15		Received payment from Connor Corp. for invoice no. 372.
15		Paid semi-monthly salaries of $14,505to employees.
17		Received payment from Douglas for invoice no. 371.
17		Sold merchandise on account to Bullock Co. $2,430, invoice no. 373, terms 1/10, n/30.
19		Purchased equipment on account from Murphy Corp. $5,407.
20		Cash sales for the week totaled $2,890.
20		Paid in full Denholm Co. on account less a 2% discount.
23		Purchased merchandise on account from Parkinson Co. $7,477.
24		Purchased merchandise on account from Forgetta Corp. $4,684.
27		Made cash sales for the week totaling $4,210.
30		Received payment from Bullock Co. for invoice no. 373.
31		Paid semi-monthly salaries of $12,063to employees.
31		Sold merchandise on account to Douglas $9,730, invoice no. 374, terms 1/10, n/30.

Ayoade Company uses the following journals.

1.		Sales journal.
2.		Single-column purchases journal.
3.		Cash receipts journal.
4.		Cash payments journal.
5.		General journal.

Using the selected accounts provided:

Record and Post the January transactions in the appropriate journal noted. Foot and crossfoot all special journals. (Record entries in the order displayed in the problem statement.)

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