Jasmine’s Toy Shop completed the following merchandise transactions in the month of April:
201X
Apr. 2 Purchased merchandise on account from Westland Suppliers, $1,000; terms 1/10, n/30.
4 Sold merchandise on account, $600; terms 1/10, n/30. The cost of the merchandise sold was $300.
4 Received credit from Westland Suppliers for merchandise returned, $100.
10 Received collections in full, less discounts, from April 4 sales.
11 Paid Westland Suppliers in full, less discount.
14 Purchased store equipment for cash, $270.
15 Purchased $1,500 of merchandise from Collins Distribution for cash.
16 Received a refund due to defective merchandise from supplier on cash purchase of $100.
17 Purchased merchandise from Brown Corp., $5,000, free on board shipping point (buyer pays freight); terms 1/10, n/30. Freight to be paid on April 21.
18 Sold merchandise for $2,500 cash; the cost of merchandise sold was $1,500.
21 Paid freight on April 17 purchase, $90.
25 Purchased merchandise from Aster Co., $1,120, free on board destination (seller pays freight); terms 1/10, n/30.
26 Paid Brown Corp. in full, less discount.
27 Made refunds to cash customers for defective toys, $160. The cost of the defective toys was $90.
Jasmine’s Toy Shop accounts included the following: Cash, 101; Accounts Receivable, 112; Merchandise Inventory, 120; Store Equipment; 124; Accounts Payable, 201; J. Jasmine, Capital, 301; Sales, 401; Sales Discounts, 412; Sales Returns and Allowances, 414; Cost of Goods Sold, 501.
Assignment
Journalize the transactions using a perpetual inventory system.