Answer:
01-Jun
Dr Inventory $1,140
Cr Accounts Payable $1,140
03-Jun
Dr Accounts Receivable $1,080
Cr Sales $1,080
03-Jun
Dr Cost of goods sold $650
Cr Inventory $650
06-Jun
Dr Accounts Payable $40
Cr Inventory $40
09-Jun
Dr Accounts Payable $ 1,100
Cr Cash $ 1,078
Cr Inventory $ 22
15-Jun
Dr Cash $1,080
Cr Accounts Receivable $1,080
17-Jun
Dr Accounts Receivable $1,100
Cr Sales $1,100
17-Jun
Dr Cost of goods sold $780
Cr Inventory $780
20-Jun
Dr Inventory $600
Cr Accounts Payable $600
24-Jun
Dr Cash $ 1,078
Dr Sales Discounts $ 22
Cr Accounts Receivable $1,100
26-Jun
Dr Accounts Payable $600
Cr Cash $594
Cr Inventory $ 6
28-Jun
Dr Accounts Receivable $1,300
Cr Sales $1,300
28-Jun
Dr Cost of goods sold $770
Cr Inventory $770
30-Jun
Dr Sales Returns & Allowances $140
Cr Accounts Receivable $140
30-Jun
Dr Inventory $70
Cr Cost of goods sold $70
Explanation:
Preparation of the Journal entries for the month of June for Sarasota Warehouse using a perpetual inventory system.
Journal entries
01-Jun
Dr Inventory $1,140
Cr Accounts Payable $1,140
03-Jun
Dr Accounts Receivable $1,080
Cr Sales $1,080
03-Jun
Dr Cost of goods sold $650
Cr Inventory $650
06-Jun
Dr Accounts Payable $40
Cr Inventory $40
09-Jun
Dr Accounts Payable $ 1,100
($1,140-$40)
Cr Cash $ 1,078
($1,100-$22)
Cr Inventory $ 22
($1,100*2%)
15-Jun
Dr Cash $1,080
Cr Accounts Receivable $1,080
17-Jun
Dr Accounts Receivable $1,100
Cr Sales $1,100
17-Jun
Dr Cost of goods sold $780
Cr Inventory $780
20-Jun
Dr Inventory $600
Cr Accounts Payable $600
24-Jun
Dr Cash $ 1,078
($1,100-$22)
Dr Sales Discounts $ 22 ($1,100*2%)
Cr Accounts Receivable $1,100
26-Jun
Dr Accounts Payable $600
Cr Cash $594
($600-$6)
Cr Inventory $ 6
($600*1%)
28-Jun
Dr Accounts Receivable $1,300
Cr Sales $1,300
28-Jun
Dr Cost of goods sold $770
Cr Inventory $770
30-Jun
Dr Sales Returns & Allowances $140
Cr Accounts Receivable $140
30-Jun
Dr Inventory $70
Cr Cost of goods sold $70
