The following transactions were completed by Montrose Company during May of the current year. Montrose Company uses
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Question:
The following transactions were completed by Montrose Company during May of the current year. Montrose Company uses a perpetual inventory system.
Instructions
1. Journalize the preceding transactions.
2. Journalize the adjusting entry for merchandise inventory shrinkage, $3,750.
Transcribed Image Text:
May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice. 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30. 6. Sold merchandise on account to C. F. Howell Co., list price $4,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,125. 8. Purchased office supplies for cash, $150. 10. Returned merchandise purchased on May 5 from Kramer Co., $1,300. 13. Paid Floyd Co. on account for purchase of May 3, less discount. 14. Purchased merchandise for cash, $10,500. 15. Paid Kramer Co. on account for purchase of May 5, less return of May 10 and discount. 16. Received cash on account from sale of May 6 to C. F. Howell Co., less discount. 19. Sold merchandise on MasterCard credit cards, $2,450. The cost of the merchan dise sold was $980. 22. Sold merchandise on account to Comer Co., $3,480, terms 2/10, n/30. The cost of the merchandise sold was $1,400. 24. Sold merchandise for cash, $4,350. The cost of the merchandise sold was $1,750. 25. Received merchandise returned by Comer Co. from sale on May 22, $1,480. The cost of the returned merchandise was $600. 31. Paid a service processing fee of $140 for MasterCard sales. May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice. 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30. 6. Sold merchandise on account to C. F. Howell Co., list price $4,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,125. 8. Purchased office supplies for cash, $150. 10. Returned merchandise purchased on May 5 from Kramer Co., $1,300. 13. Paid Floyd Co. on account for purchase of May 3, less discount. 14. Purchased merchandise for cash, $10,500. 15. Paid Kramer Co. on account for purchase of May 5, less return of May 10 and discount. 16. Received cash on account from sale of May 6 to C. F. Howell Co., less discount. 19. Sold merchandise on MasterCard credit cards, $2,450. The cost of the merchan dise sold was $980. 22. Sold merchandise on account to Comer Co., $3,480, terms 2/10, n/30. The cost of the merchandise sold was $1,400. 24. Sold merchandise for cash, $4,350. The cost of the merchandise sold was $1,750. 25. Received merchandise returned by Comer Co. from sale on May 22, $1,480. The cost of the returned merchandise was $600. 31. Paid a service processing fee of $140 for MasterCard sales.
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Solution Date Account Titles May3 Inventory Accounts payable May5 Inventory Accounts p... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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