Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each...
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Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $2,600 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. 12 Received a $1,500 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from East Co on credit, $968, n/38. 16 Paid the balance due to Jones Company. 19 Sold merchandise that cost $2,858 to Urban Co. for $3,800 under credit terms of 2/15, n/68, FOB shipping point. 21 Issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19. 22 Received a debit memo from Urban Co. for an error that overstated the total invoice by $200. 29 Paid Keene Co. the balance due.. 30 Received the balance due from Urban Co. for the credit sale dated July 19. 31 Sold merchandise that cost $7,500 to Terra Co. for $10,000 under credit terms of 2/18, n/60, FOB shipping point. Prepare General Journal entries to record the above transactions. 10 11 July 13 July 16 Office supplies Accounts payable-East Co. Accounts payable-Jones Co. Sales discounts Cash 960 14,800 960 148 14,652 Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $2,600 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. 12 Received a $1,500 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from East Co on credit, $968, n/38. 16 Paid the balance due to Jones Company. 19 Sold merchandise that cost $2,858 to Urban Co. for $3,800 under credit terms of 2/15, n/68, FOB shipping point. 21 Issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19. 22 Received a debit memo from Urban Co. for an error that overstated the total invoice by $200. 29 Paid Keene Co. the balance due.. 30 Received the balance due from Urban Co. for the credit sale dated July 19. 31 Sold merchandise that cost $7,500 to Terra Co. for $10,000 under credit terms of 2/18, n/60, FOB shipping point. Prepare General Journal entries to record the above transactions. 10 11 July 13 July 16 Office supplies Accounts payable-East Co. Accounts payable-Jones Co. Sales discounts Cash 960 14,800 960 148 14,652
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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