Financial Accounting Project $1$

Chapters $1-5($Problem and Data$)$

$100$ points

$1-$Jun Sold $$90$ of merchandise to a customer who used a VISA. Cost of goods sold was $$36$

$3-$Jun Purchased merchandise on account from ABC Company for $$9000$

Terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point

Billed $$135$ for shipping which was added to the invoice

$4$ pts

Returned $$1800$ of the merchandise purchased on June $3$ from ABC Company

$3$ pts$.$

$4-$Jun Returned $$1800$ of the merchandise purchased on June $6-$Jun Sold $$13500$ on account to EFG Company, terms $\frac{n}{30},$

FOB shipping point The cost of goods sold was $$4500$ and we paid

$$225$ for shipping which was billed and added to the customer's invoice

$2$ pts$.$

EFG company returned $$1350$ of the merchandise purchased on June $6$

The cost of merchandise sold was $$900$

$7$ pts$.$

$7-$Jun EFG company returned $$1350$ of the merchandise purchased on June $6$ The cost of merchandise sold was $$900$

$4$ pts$.$

$8-$Jun Paid misc. administrative expense of $$450$

$2$ pts

$9-$Jun Purchased on account $$315$ of store supplies

$2$ pts$.$

$10-$Jun Received cash in advance from tenant for $6$ months rent of warehouse space, $$5400$

$13-$Jun Paid ABC Company for the purchase made on June $3$rd$,$ less the return of June $4$th

$2$ pts

$4$ pts$.$

$16-$Jun Purchased store supplies for $$90$ cash

$2$ pts$.$

$17-$Jun Received cash from EFG Company for the sale of June $6,$

$3$ pts$.$ less the return of June $7$ th

$25-$Jun Paid sales salaries expense of $$585$

$2$ pts$.$

Part $1-$ Write the Journal Entries

$37$ points

On the forms provided on the excel student input file, journalize the following transactions for the month of June for Baxter Company using the following list of Accounts.

Record all entries to the nearest cent.

Instructions on Journal entries:

Skip a line between each transaction.

Indent the credit entry

Record all transactions to the nearest cent.

Chart of Accounts

Name of Account

$\backslash$table$[[$Nase of$],[$Accounts Receivable$],[$Inventory$],[$Estimated Returns Inventory$],[$Store Supplies$],[$Prepaid Insurance$],[$Store Equipment$],[$Accumulated Depreciation $-$ Store Equipment$],[$Accounts Payable$],[$Salaries Payable$],[$Customer Refunds Payable$],[$Unearned Rent$],[$Common Stock$]]$