The following events pertain to the Zabel Soccer Supply Shop for February 2004, its first month of operation. The company uses the pic inventory system. PERPETUAL 1) Feb. 2. Issued) $19,000 of common stock for cash! 2) Feb. 3 3) Feb.3 4) 5) 6) Purchased $6,500 of merchandise on account with terms 2/10,n30, FOB Shipping Point Paid $200 cash for shipping charges on the previous purchase. Returned $1,000 of the merchandise purchased on Feb. 3. Sold merchandise that cost $3,000 for $5,500 cash Recorded the discount and paid the amount due from the purchase of merchandise on Feb 4 Feb. 5 Feb. 10 Feb. 3. 7) Feb. 14 Purchased additional merchandise for $5,600 on account with terms 2/10,n30, FOB Destination. Required: Record the above transactions in general journal form.
The following events pertain to the Zabel Soccer Supply Shop for February 2004, its first month of operation. The company uses the pic inventory system. PERPETUAL 1) Feb. 2. Issued) $19,000 of common stock for cash! 2) Feb. 3 3) Feb.3 4) 5) 6) Purchased $6,500 of merchandise on account with terms 2/10,n30, FOB Shipping Point Paid $200 cash for shipping charges on the previous purchase. Returned $1,000 of the merchandise purchased on Feb. 3. Sold merchandise that cost $3,000 for $5,500 cash Recorded the discount and paid the amount due from the purchase of merchandise on Feb 4 Feb. 5 Feb. 10 Feb. 3. 7) Feb. 14 Purchased additional merchandise for $5,600 on account with terms 2/10,n30, FOB Destination. Required: Record the above transactions in general journal form.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
help me

Transcribed Image Text:Acct 2301
The following events pertain to the Zabel Soccer Supply Shop for February 2004, its first month of
operation. The company uses the pic inventory system.
PERPETUAL
1) Feb. 2. Íssued $19,000 of common stock for cash!
2)
Feb. 3 Purchased $6,500 of merchandise on account with terms 2/10,n30, FOB Shipping Point.
3) Feb.3 Paid $200 cash for shipping charges on the previous purchase.
Returned $1,000 of the merchandise purchased on Feb. 3.
Sold merchandise that cost $3,000 for $5,500 cash
4) Feb 4
5)
Feb. 5
6) Feb. 10 Recorded the discount and paid the amount due from the purchase of merchandise on
Feb. 3.
7)
Feb. 14 Purchased additional merchandise for $5,600 on account with terms 2/10, n30, FOB
Destination.
Required: Record the above transactions in general journal form.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education