Question: The following selected transactions were completed by Minty Supplies Co

The following selected transactions were completed by Minty Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
Jul. 5. Sold merchandise on account to Epworth Company, $30,000, terms FOB destination, 1/10, n/30. The cost of goods sold was $19,500.
8. Sold merchandise for $11,500 to retail customers who used VISA. The cost of goods sold was $7,000.
14. Sold merchandise on account to Osgood Co., $11,800, terms FOB shipping point, 1/10, n/30. The cost of goods sold was $7,000.
15. Received cheque for amount due from Epworth Company for sale on July 5.
16. Issued credit memo for $1,800 to Osgood Co. for merchandise returned from sale on July 14. The cost of the goods returned was $1,000.
24. Received cheque for amount due from Osgood Co. for sale on July 14 less credit memo of July 16 and discount.
31. Paid Stewart Delivery Service $2,100 for merchandise delivered during July to customers under shipping terms of FOB destination.
Aug. 4. Paid bank $400 for service fees for handling VISA sales during July.
Instructions
Journalize the entries to record the transactions of Minty Supplies Co., assuming the use of the perpetual inventory system.

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  • CreatedSeptember 15, 2015
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