Journalize the December transactions using perpetual inventory system, create T-
ID: 2390230 • Letter: J
Question
Journalize the December transactions using perpetual inventory system, create T-accounts, journalize and post adjusting entries, prepare trial balance:Dec 6. Paid 1,600 for salaries due employees of which 600 is for december and 1000 is for November salaries payable
Dec 8. Received 1900 cash from customers in payment of accounts (no discounts allowed)
Dec 10 Sold merchandise for cash 6300. The cost of the merchandise sold was 1400
Dec 13 Purchased merchandise on account from Gong Co 9000, terms 2/10,n/30
Dec 15 Purchased supplies for cash 2000
Dec 18 Sold merchandise on account 12,000 terms 3/10,n/30. The cost of the merchandise sold was 8000
Dec 20 Paid salaries 1800
Dec 23 Paid Gong Co in full less discount
Dec 27 Received collections in full, less discounts, from customers billed on December 18
Explanation / Answer
Dec 6. Paid 1,600 for salaries due employees of which 600 is for december and 1000 is for November salaries payable
Debit: Salaries payable 1,000
Debit: Salaries expense 600
Credit: Cash 1,600
Dec 8. Received 1900 cash from customers in payment of accounts (no discounts allowed)
Debit: cash 1900
Credit: Accounts receivable 1900
Dec 10 Sold merchandise for cash 6300. The cost of the merchandise sold was 1400
Debit: Cash 6300
Credit: Sales 6300
Debit: Cost of goods sold 1400
Credit: Merchandise inventory 1400
Dec 13 Purchased merchandise on account from Gong Co 9000, terms 2/10,n/30
Debit: Merchandise inventory 9000
Credit: Accounts payable 9000
Dec 15 Purchased supplies for cash 2000
Debit: Supplies 2000
Credit: Cash 2000
Dec 18 Sold merchandise on account 12,000 terms 3/10,n/30. The cost of the merchandise sold was 8000
Debit: Accounts Receivable 12,000
Credit: Sales 12,000
Debit: Cost of Goods sold 8000
Credit: Merchandise inventory 8000
Dec 20 Paid salaries 1800
Debit: Salaries expense 1800
Credit: cash 1800
Dec 23 Paid Gong Co in full less discount
Debit: Accounts payable 9000
Credit: Cash 8820
Credit: Merchandise inventory 180
Dec 27 Received collections in full, less discounts, from customers billed on December 18
Debit: Cash 11640
Debit: Sales Discount 360
Credit: Accounts Receivable 12,000
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