Journalize the following transactions that occurred in February for Sea Green. No explanations are needed. Identify each
Question:
Journalize the following transactions that occurred in February for Sea Green. No
explanations are needed. Identify each accounts payable and accounts receivable with
the vendor or customer name. Sea Green estimates sales returns at the end of each
month
Transcribed Image Text:
Feb. 3 4 4 6 8 9 10 12 13 15 22 25 27 28 Purchased merchandise inventory on account from Sidecki Wholesalers, $6,000. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $70 on February 3 purchase. Purchased merchandise inventory for cash of $1,500. Returned $600 of inventory from February 3 purchase. Sold merchandise inventory to Herrick Company, $5,400, on account. Terms 3/15, n/35. Cost of goods, $2,592. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 2/10, n/30, FOB destination. Made payment to Sidecki Wholesalers for goods purchased on February 3, less return and discount. Received payment from Herrick Company, less discount. After negotiations, received a $100 allowance from Thomas Wholesalers. Sold merchandise inventory to Johnson Company, $3,300, on account. Terms n/EOM. Cost of goods, $1,584. Made payment, less allowance, to Thomas Wholesalers for goods purchased on February 9. Sold merchandise inventory to Smecker for $1,900 on account that cost $722. Terms of 2/10, n/30 were offered, FOB shipping point. As a courtesy to Smecker, $50 of freight was added to the invoice for which cash was paid by Sea Green. Received payment from Smecker, less discount. Received payment from Johnson Company.
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Date Feb 3 Merchandise Inventory Accounts and Explanation Accounts PayableSidecki Wholesalers 4 Merc...View the full answer
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9781292412320
7th Global Edition
Authors: Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura
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