Journalize the following transactions that occurred in January 2015 for Trishas Amusements. No explanations are needed. Identify

Question:

Journalize the following transactions that occurred in January 2015 for Trisha’s Amusements. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.

Jan. 4 Purchased merchandise inventory on account from Villanueva Company, $ 11,520. Terms 3/10, n/EOM, FOB shipping point.

6 Paid freight bill of $ 140 on January 4 purchase.

8 Returned half the inventory purchased on January 4 from Villanueva Company.

10 Sold merchandise inventory for cash, $ 1,440. Cost of goods, $ 840. FOB destination.

11 Sold merchandise inventory to Gillespie Corporation, $ 12,300, on account, terms of 1/10, n/EOM. Cost of goods, $ 6,600. FOB shipping point.

12 Paid freight bill of $ 50 on January 10 sale.

13 Sold merchandise inventory to Calhoun Company, $ 11,800, on account, terms of 2/15, n/45. Cost of goods, $ 6,360. FOB shipping point.

14 Paid the amount owed on account from January 4, less return and discount.

16 After negotiations, granted a $ 300 allowance to Gillespie Corporation on January 11 sale.

17 Received defective inventory as a sales return from the January 13 sale, $ 720. Cost of goods, $ 540.

18 Purchased inventory of $ 4,920 on account from Rocha Corporation. Payment terms were 2/10, n/30, FOB destination.

20 Received cash from Gillespie Corporation, less allowance and discount.

26 Paid amount owed on account from January 18, less discount.

28 Received cash from Calhoun Company, less return and discount.

29 Purchased inventory from Sexton Corporation for cash, $ 14,400, FOB shipping point. Freight in paid to shipping company, $ 240.

Accounts Payable
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Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
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