Question

The following were selected from among the transactions completed by Copra Sentry Company during July of the current year:
July 3. Purchased merchandise on account from Swanson Co., list price $60,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $1,200 added to the invoice.
4. Purchased merchandise on account from Lambert Co., $8,000, terms FOB destination, 1/10, n/30.
7. Sold merchandise on account to Walsh Co., list price $12,000, trade discount 20%, terms 2/10, n/30.
9. Returned merchandise purchased on July 4 from Lambert Co., $1,300.
13. Paid Swanson Co. on account for purchase of July 3, less discount.
14. Paid Lambert Co. on account for purchase of July 4, less return of July 9 and discount.
17. Received cash on account from sale of July 7 to Walsh Co., less discount.
19. Sold merchandise on nonbank credit cards and reported accounts to the card company, American Express, $7,450.
22. Sold merchandise on account to Wu Co., $4,420, terms 2/10, n/30.
24. Sold merchandise for cash, $4,350.
25. Received merchandise returned by Wu Co. from sale on July 22, $1,610.
31. Received cash from American Express for nonbank credit card sales of July 19, less $290 service fee.

Instructions
Journalize the transactions for Copra Sentry Co. in a two-column general journal.



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  • CreatedNovember 19, 2012
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