Journalize the following transactions that occurred in January 2025 for City Water Park. No explanations are needed.
Question:
Journalize the following transactions that occurred in January 2025 for City Water Park. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.
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Jan. 4 6 8 10 11 12 13 14 16 17 18 20 26 28 29 Purchased merchandise inventory on account from Vegas Company, $5,000. Terms 1/10, n/EOM, FOB shipping point. Paid freight bill of $150 on January 4 purchase. Returned half the inventory purchased on January 4 from Vegas Company. Sold merchandise inventory for cash, $1,100. Cost of goods, $440. FOB destination. Sold merchandise inventory to Greensboro Corporation, $10,100, on account, terms of 3/10, n/EOM. Cost of goods, $5,555. FOB shipping point. Paid freight bill of $30 on January 10 sale. Sold merchandise inventory to Crystal Company, $8,800, on account, terms of 3/15, n/45. Cost of goods, $4,400. FOB shipping point. Paid the amount owed on account from January 4, less return and discount. After negotiations, granted a $800 allowance to Greensboro Corporation on January 11 sale. Received defective inventory as a sales return from the January 13 sale, $400. Cost of goods, $200. Purchased inventory of $4,600 on account from Rainier Corporation. Payment terms were 1/10, n/30, FOB destination. Received cash from Greensboro Corporation, less allowance and discount. Paid amount owed on account from January 18, less discount. Received cash from Crystal Company, less return and discount. Purchased inventory from Santiago Corporation for cash, $12,000, FOB shipping point. Freight in paid to shipping company, $240.
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Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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