The following are transactions for Brian for the month of October. Indicate how the following transactions would
Question:
The following are transactions for Brian for the month of October. Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate using the perpetual inventory system (omit explanations).
Oct. 1Brian invested $15,000 in his business.
Oct. 3Sold $2,500 of merchandise on account to H. Holand, sales invoice No. 1, terms 1/10, n/30, cost $2,000.
Oct. 5Sold $1,200 of merchandise on account to T. Traer, sales invoice No. 2, terms 1/10, n/30, cost $1,000.
Oct. 13Received cash from H. Holand in payment for October 3 transaction, less the discount.
Oct. 14Issued credit memorandum No. 1 to T. Traer for $100 for merchandise returned in good condition from October 5 sale on account, cost $80.
Oct. 15Received cash from T. Traer for the amount due, less the discount.
1. GENERAL JOURNAL
Date | Account Titles and Description | PR | Debit | Credit | |
2. GENERAL LEDGER
3. SUBSIDIARY LEDGER
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,