Question

Journalize the following transactions that occurred in February 2015 for Gems. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
Feb. 3 Purchased merchandise inventory on account from Smith Wholesalers, $ 8,000. Terms 1/15, n/EOM, FOB shipping point.
4 Paid freight bill of $ 130 on February 3 purchase.
4 Purchased merchandise inventory for cash of $ 2,720.
6 Returned $ 800 of inventory from February 3 purchase.
8 Sold merchandise inventory to Harger Company, $ 9,600, on account. Terms 2/15, n/35. Cost of goods, $ 4,220.
9 Purchased merchandise inventory on account from Taylor Wholesalers, $ 12,800. Terms 2/10, n/30, FOB destination.
10 Made payment to Smith Wholesalers for goods purchased on February 3, less return and discount.
12 Received payment from Harger Company, less discount.
13 After negotiations, received a $ 320 allowance from Taylor Wholesalers.
15 Sold merchandise inventory to Jovan Company, $ 4,000, on account. Terms 1/10, n/EOM. Cost of goods, $ 1,680.
22 Made payment, less allowance, to Taylor Wholesalers for goods purchased on February 9.
23 Jovan Company returned $ 640 of the merchandise sold on February 15. Cost of goods, $ 250.
25 Sold merchandise inventory to Stubbs for $ 1,760 on account that cost $ 640. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Stubbs, $ 75 of freight was added to the invoice for which cash was paid by Gems.
26 After negotiations, granted a $ 160 allowance to Stubbs for merchandise purchased on February 25.
27 Received payment from Stubbs, less allowance and discount.
28 Received payment from Jovan Company, less return.



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  • CreatedJanuary 16, 2015
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