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jonny [76]
3 years ago
7

Journalize the following transactions that occurred in for ​, assuming the perpetual inventory system is being used. No explanat

ions are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. estimates sales returns at the end of each month. ​
Sep. 3: Purchased merchandise inventory on account from Silton Wholesalers, S7,500.
4 Paid freight bill of $50 on September 3 purchase.
4 Purchase merchandise inventory for cash of $2,000
6 Retuned $1,100 of inventory from Soptember 3 purchase.
8 Sold merchandise inventory to Houston Company, S6,100, on account.
13 After negotiations, received a S100 allowance from Tristan Wholesalers.
15 Sold merchandise inventory to Jex Company, $2,900, on account.
22 Made payment, less allowance, to Tarin wholesalers for good purchased on
September 9.
23 Jex Company returned $500 of the merchandise sold on September 15.
Cost of goods, $230.
29 Received payment from Smede, less discount.
30 Received payment from Jex Company, less return.
Business
1 answer:
MariettaO [177]3 years ago
5 0

Answer:

Journal Entries:

Sep. 3:

Debit Inventory $7,500

Credit Accounts Payable (Silton Wholesalers) $7,500

To record the purchase of merchandise on account.

Sep. 4:

Debit Freight on Inventory $50

Credit Cash Account $50

To record freight on purchase.

Sep. 4:

Debit Inventory $2,000

Credit Cash Account $2,000

To record the purchase of merchandise for cash.

Sep. 6:

Debit Accounts Payable (Silton Wholesalers) $1,100

Credit Inventory $1,100

To record the return of inventory.

Sep. 8:

Debit Accounts Receivable (Houston Company) $6,100

Credit Sales Revenue $6,100

To record the sale of merchandise on account.

Sep. 13:

Debit Accounts Payable (Tristan Wholesalers) $100

Credit Inventory $100

To record the allowance received.

Sep. 15:

Debit Accounts Receivable (Jex Company) $2,900

Credit Sales Revenue $2,900

To record the sale of merchandise on account.

Sep. 22:

Debit Accounts Payable (Tarin Wholesalers) $

Credit Cash $

For alleged goods purchased on September 9 (not in the records).

Sep. 23:

Debit Inventory $230

Debit Sales Revenue $270

Credit Accounts Receivable (Jex Company) $500

To record inventory returned and the corresponding profit on sales.

Sep. 29:

Debit Cash Account $

Credit Accounts Receivable (Smede) $

To record receipt from Smede (not in the records).

Sep. 30:

Debit Cash Account $2,400

Accounts Receivable (Jex Company) $2,400

To record receipt from Jex Company in full settlement.

Explanation:

Company B uses the journal entries to initially record business transactions as they occur on a daily basis.  They show the accounts to be debited and the ones to be credited.

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