Answer: incomplete question
Complete question:
Urdan Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Urdan's inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred.
July 1 Purchased suitcases on account for $1,800 from Hosted Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.
July 3 Sold suitcases on account to Kaye Satchels for $2,000. The cost of suitcases sold is $1,200.
July 9 Paid Hosted Manufacturers in full.
July 12 Received payment in full from Kaye Satchels.
July 17 Sold suitcases on account to The Going Concern for $1,800. The cost of the suitcases sold was $1,080.
July 18 Purchased suitcases on account for $1,900 from Nelson Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.
July 20 Received $300 credit (including freight) for suitcases returned to Nelson Manufacturers.
July 21 Received payment in full from The Going Concern.
July 22 Sold suitcases on account to Wopat's for $2,250. The cost of suitcases sold was $1,350.
July 30 Paid Nelson manufacturers in full.
July 31 Granted Wopat's $200 credit for suitcases returned costing $120.
Urdan's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
Journalize the transactions for the month of July for Urdan using a perpetual inventory system.
Explanation:
Journalised transaction for the month of July
July 1 DR Inventory 1,800
CR Accounts Payable 1,800
July 3 DR Accounts Receivable 2,000
CR Sales Revenue 2,000
July 3 DR Cost of Goods Sold 1,200
CR Inventory 1,200
July 9 DR Accounts Payable 1,800
CR Inventory 36
CR Cash 1,764
July 12 DR Cash 1,980
DR Sales Discounts 20
CR Accounts Receivable 2,000
July 17 DR Accounts Receivable 1,800
CR Sales Revenue 1,800
July 17 DR Cost of Goods Sold 1,080
CR Inventory 1,080
July 18 DR Inventory 1,900
CR Accounts Payable 1,900
July 18 DR Inventory 125
CR Cash 125
July 20 DR Accounts Payable 300
CR Inventory 300
July 21 DR Cash 1,782
DR Sales Discounts 18
CR Accounts Receivable 1,800
July 22 DR Accounts Receivable 2,250
CR Sales Revenue 2,250
July 22 DR Cost of Goods Sold 1,350
CR Inventory 1,350
July 30 DR Accounts Payable 1,600
CR Cash 1,600
July 31 DR Sales Returns and Allowances 200
CR Accounts Receivable 200
July 31 DR Inventory 120
CR Cost of Goods Sold 120
