Journalize the following transactions that occurred in January 2016 for Mays 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 Vanderbilt Company, $5,000. Terms 1/10, n/EOM, FOB shipping point.
6 Paid freight bill of $150 on January 4 purchase.
8 Returned half the inventory purchased on January 4 from Vanderbilt Company.
10 Sold merchandise inventory for cash, $1,100. Cost of goods, $440. FOB destination.
11 Sold merchandise inventory to Gilmore Corporation, $10,100, on account, terms of 3/10, n/EOM. Cost of goods, $5,555. FOB shipping point.
12 Paid freight bill of $30 on January 10 sale.
13 Sold merchandise inventory to Cadet Company, $8,800, on account, terms of 3/15, n/45. Cost of goods, $4,400. FOB shipping point.
14 Paid the amount owed on account from January 4, less return and discount.
16 After negotiations, granted a $800 allowance to Gilmore Corporation on January 11 sale.
17 Received defective inventory as a sales return from the January 13 sale, $400. Cost of goods, $200.
18 Purchased inventory of $4,600 on account from Roberts Corporation. Payment terms were1/10, n/30, FOB destination.
20 Received cash from Gilmore Corporation, less allowance and discount.
26 Paid amount owed on account from January 18, less discount.
28 Received cash from Cadet Company, less return and discount.
29 Purchased inventory from Silk Corporation for cash, $ 12,000, FOB shipping point. Freight in paid to shipping company, $240. 

  • CreatedJune 12, 2015
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