Journalize the following transactions that occurred in January 2024 for Jills Water World. No explanations are needed.
Question:
Journalize the following transactions that occurred in January 2024 for Jill’s Water World. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Jill’s Water World estimates sales returns at the end of each month and has a January 1 balance of $150 (debit) in Estimated Returns Inventory and $300 (credit) in Refunds Payable.
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Jan. 4 6 8 10 12 13 11 Sold merchandise inventory to Gath Corporation, $10,100, on account, terms of 1/10, n/EOM. Cost of goods, $5,555. FOB shipping point. 14 17 18 Purchased merchandise inventory on account from Vanderbilt Company, $6,000. Terms 3/10, n/EOM, FOB shipping point. Paid freight bill of $180 on January 4 purchase. 20 26 28 29 Returned half the inventory purchased on January 4 from Vanderbilt Company. Sold merchandise inventory for cash, $1,200. Cost of goods, $480. FOB destination. Paid freight bill of $40 on January 10 sale. Sold merchandise inventory to Cain Company, $9,400, on account, terms of n/45. Cost of goods, $4,700. FOB shipping point. Paid the amount owed on account from January 4, less return and discount. Received defective inventory as a sales return from the January 13 sale, $200. Cost of goods, $100. Purchased inventory of $4,100 on account from Richmond Corporation. Payment terms were 2/10, n/30, FOB destination. Received cash from Gath Corporation, less discount. Paid amount owed on account from January 18, less discount. Received cash from Cain Company, less return. Purchased inventory from Sanders Corporation for cash, $12,400, FOB shipping point. Freight in paid to shipping company, $250.
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Date Jan 4 Merchandise Inventory Accounts and Explanation Accounts PayableVanderbilt Company 6 Merch...View the full answer
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