Question: ABC Company Note: There is no correlation between the placement of the financial transactions listed General Journal Page 1 below and their placement in the
ABC Company Note: There is no correlation between the placement of the financial transactions listed General Journal Page below and their placement in the journal. Date Description P R Debit Credit During the last month of the year, the following transactions were completed: Dec Dec Paid rent for December, $ Dec Purchased merchandise from Goat Company for $ under terms n FOB Shipping Point Dec Paid $ cash for freight charges on purchase of Dec Dec Sold merchandise to Beaver company for $ under credit terms n FOB Shipping Point. The merchandise had a cost of $ Dec Purchased merchandise from Duck Company for $ under terms neom net end of month Dec Received $ on account from Warthog Company, no discount. This sale was made in November. Dec After negotiations with Goat Company concerning problems with the merchandise purchased on Dec ABC Company received a credit credit memorandum from Goat Company granting an allowance of $ Dec Paid parttime sales clerk $ which included $ of Sale Salaries Payable on December stHint: This entry will require three lines. Dec Sold merchandise on account to Cow company, terms n FOB destination $ The merchandise had a cost of $ Dec Paid $ cash for shipping charges related to the Dec sale to Cow Company. Dec Paid the amount due to Goat Company for the Dec purchase less the allowance granted on Dec Dec Received balance due from Beaver Company for merchandise sold on Dec Dec Cow company returned merchandise from the Dec sale that had cost ABC Company $ and been sold for $ The merchandise was restored to inventory. Dec Received amount due from Cow company for the Dec sale less the sale return on Dec Dec Paid advertising expense for ads running the last week of December, $ Dec Paid parttime sales clerk for two weeks' salary, $ Dec Purchased office supplies on account, $ Dec Paid Duck Company amount due from the Dec purchase. At the end of December, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $ of inventory exists at December b of sales is expected to be refunded. c Estimated Cost of Merchandise that will be returned in the next year is $ d Insurance Expired during the year, $ e Office supplies on hand at Dec $ f Depreciation for December is $ g Sales clerk earned $ of unpaid and unrecorded salary as of Dec Unadjusted Trial Balance
December xx
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