I need the journal entrees please help! Paid rent for May, $5,000. Purchased mer
ID: 2378680 • Letter: I
Question
I need the journal entrees please help!
Paid rent for May, $5,000. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Paid freight on purchase of May 3, $600. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Received $22,300 cash from Halstad Co. on account, no discount. Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Paid for merchandise purchased on May 3, less discount. Received merchandise returned on sale of May 6, $13,500. The cost of the merchandise returned was $8,000. Paid advertising expense for last half of May, $11,000. Received cash from sale of May 6, less return of May 14 and discount. Purchased merchandise for cash, $18,700. Paid $33,450 to Buttons Co. on account, no discount. Record the following transactions on Page 21 of the journal. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Received $42,900 cash from Gee Co. on account, no discount. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Returned $5,000 of damaged merchandise purchased on May 21, receiving credit from the seller. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. Received cash from sale of May 20, less discount, plus freight paid on May 21. Paid for purchase of May 21, less return of May 24 and discount.Explanation / Answer
1-May Rent dr 5,000.00 To cash 5,000.00 3-May Purchase dr 36,000.00 To Martin co. 36,000.00 4-May Freight dr 600.00 To cash 600.00 6-May Korman co. dr 68,500.00 To sales 68,500.00 7-May Cash dr 22,300.00 To halstad co. 22,300.00 10-May Cash dr 54,000.00 To sales 54,000.00 13-May Martin co. dr 36,000.00 To discount recvd 720.00 To cash 35,280.00 14-May Sales return dr 13,500.00 To korman co. 13,500.00 15-May Advertisement expenses dr 11,000.00 To cash 11,000.00 16-May Cash dr 53,900.00 Discount a/c dr 1,100.00 To korman co. 55,000.00 19-May Purchase dr 18,700.00 To cash 18,700.00 19-May Buttons co. dr 33,450.00 To cash 33,450.00 20-May Crescent dr 110,000.00 To sales 110,000.00 21-May Freight dr 2,300.00 To cash 2,300.00 21-May Cash dr 42,900.00 To Gee & co. 42,900.00 21-May Purchase dr 88,000.00 To osterman co. 88,000.00 24-May osterman co. dr 5,000.00 To purchase return a/c 5,000.00 26-May Cash dr 7,500.00 To purchase return a/c 7,500.00 28-May Sales salaries dr 56,000.00 Office salries dr 29,000.00 To bank 85,000.00 29-May Store supplies dr 2,400.00 To cash 2,400.00 30-May Turner co. dr 78,500.00 To sales 78,500.00 30-May Cash dr 108,900.00 Discount a/c dr 1,100.00 To crecent co. 110,000.00 31-May Osterman co. dr 83,000.00 To discount recvd 830.00 To cash 82,170.00
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