Chapter 9, Problem 4PA

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.

June 1    Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06.

3    Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15).

10    Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29.

13    Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13).

18    Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94.

20    Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89.

25    Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30).

30    Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50.

Required

Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.