(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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer full question. Answer only.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbac5cd56-9885-4a25-8e51-dfc1bb78a29e%2Fe42019c4-9042-4b97-bef5-a318485874ef%2Fjp0i559h_processed.jpeg&w=3840&q=75)
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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