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(The following information.applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Debit $14,560 3,060 Credit $ 7,470 10,150 $17,620 $17,620 Total The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,170. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $255 cash. 3. Returned $480 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,730 for $13,100 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $170 cash. 7. Paid $2,830 on the merchandise purchased in Event 1. 8. Paid $8,540 cash for operating expenses. Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in

(The following information.applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Debit $14,560 3,060 Credit $ 7,470 10,150 $17,620 $17,620 Total The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,170. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $255 cash. 3. Returned $480 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,730 for $13,100 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $170 cash. 7. Paid $2,830 on the merchandise purchased in Event 1. 8. Paid $8,540 cash for operating expenses. Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in

FINANCIAL ACCOUNTING
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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Journal entry worksheet く 2 3 4 6 7 8 9. Record entry for purchase of merchandisé on account. Note: Enter debits before credits. Event General Journal Debit Credit 01 ces Record entry Clear entry View general journal
Transcribed Image Text:Journal entry worksheet く 2 3 4 6 7 8 9. Record entry for purchase of merchandisé on account. Note: Enter debits before credits. Event General Journal Debit Credit 01 ces Record entry Clear entry View general journal
Required information [The following information .applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Debit Credit $14,560 3,060 $ 7,470 10,150 Total $17,620 $17,620 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,170. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $255 cash. 3. Returned $480 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,730 for $13,100 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $170 cash. 7. Paid $2,830 on the merchandise purchased in Event 1. 8. Paid $8,540 cash for operating expenses. ces Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in
Transcribed Image Text:Required information [The following information .applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Debit Credit $14,560 3,060 $ 7,470 10,150 Total $17,620 $17,620 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,170. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $255 cash. 3. Returned $480 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,730 for $13,100 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $170 cash. 7. Paid $2,830 on the merchandise purchased in Event 1. 8. Paid $8,540 cash for operating expenses. ces Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in
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