Using the general merchandise method, make the following journal entries, adjustments, and ledger "T's" 1. The commercial establishment was opened with the following values: Box 160,000.00 Goods 840,000.00 Furniture 150,000.00 Suppliers 300,000.00 Capital 850,000.00 2. Merchandise was sold for $600,000.00 in cash 3. Merchandise was purchased for $800,000.00 within 60 days 4. Merchandise was sold on credit for $300,000.00 5. Merchandise was purchased for $150,000.00 which was paid by check 6. The purchases caused freight and transportation expenses of $500.00 that were owed 7. From credit sales, merchandise worth $2,500.00 was returned to us 8. From credit purchases we returned merchandise for $4,000.00 9. On sales made on credit we granted discounts of $1,500.00 10. On purchases made on credit, we were granted discounts of $1,500.00 11. Final inventory $839,000.00
Using the general merchandise method, make the following
1. The commercial establishment was opened with the following values:
Box 160,000.00
Goods 840,000.00
Furniture 150,000.00
Suppliers 300,000.00
Capital 850,000.00
2. Merchandise was sold for $600,000.00 in cash
3. Merchandise was purchased for $800,000.00 within 60 days
4. Merchandise was sold on credit for $300,000.00
5. Merchandise was purchased for $150,000.00 which was paid by check
6. The purchases caused freight and transportation expenses of $500.00 that were owed
7. From credit sales, merchandise worth $2,500.00 was returned to us
8. From credit purchases we returned merchandise for $4,000.00
9. On sales made on credit we granted discounts of $1,500.00
10. On purchases made on credit, we were granted discounts of $1,500.00
11. Final inventory $839,000.00
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