K Joumalize the following transactions. Assume the perpetual inventory system. View the January 202X transactions. (Record...

Transcribed Image Text:

K Joumalize the following transactions. Assume the perpetual inventory system. View the January 202X transactions. (Record debits first, then credits. Exclude explanations from journal entries.) January 4: Sold merchandise for $600 cash. The cost of merchandise was $350. Begin by journali Date January 202X Transactions Jan 4 Jan 4 Jan 9 Jan 20 Sold merchandise for $600 cash. The cost of merchandise was $350. Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on January 20. Paid freight on January 9 purchase, $170. Now journalize th Date Jan 4. Print Done - X step. January 9: Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on January 20. Account Titles Date Debit Credit Jan 9 Journalize the following transactions. Assume the perpetual inventory system. View the January 202X transactions (Record debits first, then credits. Exclude explanations from journal entries.) January 4: Sold merchandise for $600 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step. Date Jan 4 Account Titles: Now journalize the cost of the merchandise sold. Date Jan 4 Account Titles Debit Credit Debit Credit January 9: Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on Janua Date Jan 9 Account Titles Debit Credit K Joumalize the following transactions. Assume the perpetual inventory system. View the January 202X transactions. (Record debits first, then credits. Exclude explanations from journal entries.) January 4: Sold merchandise for $600 cash. The cost of merchandise was $350. Begin by journali Date January 202X Transactions Jan 4 Jan 4 Jan 9 Jan 20 Sold merchandise for $600 cash. The cost of merchandise was $350. Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on January 20. Paid freight on January 9 purchase, $170. Now journalize th Date Jan 4. Print Done - X step. January 9: Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on January 20. Account Titles Date Debit Credit Jan 9 Journalize the following transactions. Assume the perpetual inventory system. View the January 202X transactions (Record debits first, then credits. Exclude explanations from journal entries.) January 4: Sold merchandise for $600 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step. Date Jan 4 Account Titles: Now journalize the cost of the merchandise sold. Date Jan 4 Account Titles Debit Credit Debit Credit January 9: Purchased merchandise from Jerek Co. on account, $5,700, F.O.B. shipping point (buyer pays freight); terms 7/10, n/30. Freight to be paid on Janua Date Jan 9 Account Titles Debit Credit