Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions in the...

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Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Vaughn showed Cash of €9,490 and Share Capital-Ordinary of €9,490. Apr. 2 Purchased merchandise on account from Walker Supply Co. €6,500, terms 2/10, n/30. 4 Sold merchandise on account €5,600, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was €3,720. 5 Paid €270 freight on April 4 sale. 6 Received credit from Walker Supply Co. for merchandise returned €700. 11 Paid Walker Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash €4,460. 16 Received refund from supplier for returned goods on cash purchase of April 14, €520. 18 Purchased merchandise from Benjamin Distributors €4,600, FOB shipping point, terms 4/10, n/30. 20 Paid freight on April 18 purchase €170. 23 Sold merchandise for cash €7,190. The merchandise sold had a cost of €5,320. 26 Purchased merchandise for cash €2,130. 27 Paid Benjamin Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise €82. The returned merchandise had a fair value of €38. 30 Sold merchandise on account €3,560, terms n/30. The cost of the merchandise sold was €2,450. Vaughn Distributing Company's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. v (b) Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Post entries in the order of journal entries presented in the previous question.) Cash No. 101 Date Explanation Ref Debit Credit Balance Apr. 5 Balance 270 J1 Apr. 11 v 5,684 J1 Apr. 13 v 5,544 J1 Apr. 14 v 4,460 Apr. 16 v J1 520 J1 Apr. 20 v 170 J1 Apr. 23 v 7,190 Ji Apr. 26 v 2,130 J1 Apr. 27 v 4,416 J1 Apr. 29 v 83 J1 Apr. 30 v Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance J1 Apr. 4 v 5,600 Apr. 13 v J1 5,600 J1 Apr. 30 v 3,560 Inventory No. 120 Date Explanation Ref Debit Credit Balance J1 Apr. 2 v 6,500 J1 Apr. 4 v 3,720 J1 Apr. 6 700 J1 Apr. 11 v 116 J1 Apr. 14 v 4,460 J1 Apr. 16 v 520 J1 Apr. 18 v 4,600 J1 Apr. 20 v 170 J1 Apr. 23 v 5,320 J1 Apr. 26 v 2,130 J1 Apr. 27 v 184 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Anr 2 v J1 6.500 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Apr. 2 v J1 6,500 J1 Apr. 6 v 700 J1 Apr. 11 v 5,800 J1 Apr. 18 v 4,600 J1 Apr. 27 v 4,600 Share Capital Ordinary No. 311 Date Explanation Ref Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref Debit Credit Balance J1 Apr. 4 5,600 J1 Apr. 23 v 7,190 J1 Apr. 30 v 3,560 Sales Returns and Allowances No. 412 Date Explanation Ref Debit Credit Balance J1 Apr. 29 v 82 J1 Apr. 23 v 7,190 J1 Apr. 30 v Sales Returns and Allowances 3,560 No. 412 Date Explanation Ref Debit Credit Balance Apr. 29 v Sales Discounts J1 82 No. 414 Date Explanation Ref Debit Credit Balance Apr. 13 v J1 56 Cost of Goods Sold No. 505 Date Explanation Ref Debit Credit Balance J1 Apr. 4 v 3,720 J1 Apr. 23 v 5,320 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Freight-Out No. 644 Date Explanation Ref Debit Credit Balance J1 Apr. 5 v 270 Problem 5-2A (Part Level Submission) Vaughn Distributing Company plc completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Vaughn showed Cash of €9,490 and Share Capital-Ordinary of €9,490. Apr. 2 Purchased merchandise on account from Walker Supply Co. €6,500, terms 2/10, n/30. 4 Sold merchandise on account €5,600, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was €3,720. 5 Paid €270 freight on April 4 sale. 6 Received credit from Walker Supply Co. for merchandise returned €700. 11 Paid Walker Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash €4,460. 16 Received refund from supplier for returned goods on cash purchase of April 14, €520. 18 Purchased merchandise from Benjamin Distributors €4,600, FOB shipping point, terms 4/10, n/30. 20 Paid freight on April 18 purchase €170. 23 Sold merchandise for cash €7,190. The merchandise sold had a cost of €5,320. 26 Purchased merchandise for cash €2,130. 27 Paid Benjamin Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise €82. The returned merchandise had a fair value of €38. 30 Sold merchandise on account €3,560, terms n/30. The cost of the merchandise sold was €2,450. Vaughn Distributing Company's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. v (b) Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Post entries in the order of journal entries presented in the previous question.) Cash No. 101 Date Explanation Ref Debit Credit Balance Apr. 5 Balance 270 J1 Apr. 11 v 5,684 J1 Apr. 13 v 5,544 J1 Apr. 14 v 4,460 Apr. 16 v J1 520 J1 Apr. 20 v 170 J1 Apr. 23 v 7,190 Ji Apr. 26 v 2,130 J1 Apr. 27 v 4,416 J1 Apr. 29 v 83 J1 Apr. 30 v Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance J1 Apr. 4 v 5,600 Apr. 13 v J1 5,600 J1 Apr. 30 v 3,560 Inventory No. 120 Date Explanation Ref Debit Credit Balance J1 Apr. 2 v 6,500 J1 Apr. 4 v 3,720 J1 Apr. 6 700 J1 Apr. 11 v 116 J1 Apr. 14 v 4,460 J1 Apr. 16 v 520 J1 Apr. 18 v 4,600 J1 Apr. 20 v 170 J1 Apr. 23 v 5,320 J1 Apr. 26 v 2,130 J1 Apr. 27 v 184 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Anr 2 v J1 6.500 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Apr. 2 v J1 6,500 J1 Apr. 6 v 700 J1 Apr. 11 v 5,800 J1 Apr. 18 v 4,600 J1 Apr. 27 v 4,600 Share Capital Ordinary No. 311 Date Explanation Ref Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref Debit Credit Balance J1 Apr. 4 5,600 J1 Apr. 23 v 7,190 J1 Apr. 30 v 3,560 Sales Returns and Allowances No. 412 Date Explanation Ref Debit Credit Balance J1 Apr. 29 v 82 J1 Apr. 23 v 7,190 J1 Apr. 30 v Sales Returns and Allowances 3,560 No. 412 Date Explanation Ref Debit Credit Balance Apr. 29 v Sales Discounts J1 82 No. 414 Date Explanation Ref Debit Credit Balance Apr. 13 v J1 56 Cost of Goods Sold No. 505 Date Explanation Ref Debit Credit Balance J1 Apr. 4 v 3,720 J1 Apr. 23 v 5,320 J1 Apr. 29 v 38 J1 Apr. 30 v 2,450 Freight-Out No. 644 Date Explanation Ref Debit Credit Balance J1 Apr. 5 v 270

Answer rating: 100% (QA)

General journal Date Particular Ref Dr Cr Apr 2 Merchandise inventory 6500 Account payable 6500 Apr 4 Account Receivable 5600 Sales 5600 Cost of good ... View the full answer