Answer:
The journal entries are recorded below;
Explanation:
July 1.
1. Inventory Dr.$6,700
Accounts Payable Cr.$6,700
2. A/R Creek Co. Dr.$950
Sales Revenue Cr.$950
Cost of Goods Sold Dr.$558
Inventory Cr.$558
3. inventory Dr.$125
Cash cr.$125
8. Cash Dr.$2,400
Sales Revenue Cr.$2,400
Cost of Goods Sold Dr.$2,000
Inventory Cr.$2,000
9. Inventory Dr.$2,400
Accounts Payable-Leight Co Cr.$2,400
11. Accounts Payable Dr.$400
Inventory Cr.$400
12. Cash Dr.$931
Discount Allowed Dr.$19
A/R CreekCo. Cr.$950
16. Accounts Payable Dr.$6,700
Bank Cr.$6,566
Inventory Cr.$ 134
19. A/R Art Co Dr.$1,200
Sales Revenue Cr.$1,200
Cost of Goods Sold Dr.$800
Inventory Cr.$800
21. Allowance on Goods Dr.$200
A/R Art Co. Cr.$200
24. Accounts Payable Dr.$2,400
Bank Cr.$2,352
Inventory Cr.$48
30. Bank Dr.$1,000
A/R Art Co.(1,200-200) Cr.$1,000
31. A/R Creek Co. Dr.$6,900
Sales Revenue Cr.$6,900
Cost of Goods Sold Dr.$5,500
Inventory Cr.$5,500
