Question: Journalize the following transactions that occurred in February 2015 for

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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