a https://edugen willeyplus.com/edugen/student/mainfr.uni en Assignment Problem

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a https://edugen willeyplus.com/edugen/student/mainfr.uni en Assignment Problem 7-3A (Part Level Submission) The chart of accounts of LR Company Includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 412 Sales Returns and Allowances so5 Cost of Goods Sold 610 Advertising Expense In July, the following transactions were completed. All purchases and sales were on account. The cost of all mercha 70% of the sales price. July 1 Purchased merchandise from Eby Company $8,000. 2 Received freight bill from Shaw Shipping on Eby purchase $400. 3 Made sales to Fort Company $1,300 and to Hefner Bros. $1,500 5 Purchased merchandise from Getz Company $3,200. 8 Received credit on merchandise returned to Getz Company $300. 13 Purchased store supplies from Dayne Supply $720. 15 Purchased merchandise from Eby Company $3,600 and from Bosco Company $4,30o. 16 Made sales to Aybar Company $3,450 and to Hefner Bros. $1,870. 18 Received bill for advertising from Welton Advertisements $600. 21 Sales were made to Fort Company $310 and to Duncan Company $2,800. 22 Granted allowance to Fort Company for merchandise damaged in shipment $40. 24 Purchased merchandise from Getz Company $3,000. 26 Purchased equipment from Dayne Supply $900 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $380. 30 Sales were made to Aybar Company $5,600. Privacy Policy1 .2000-2018 3ohn Wiley & Sons, I Lnc. All Rights Reserved. A Division of John Wiley & Sions, Ing here to search

Explanation / Answer

Purchases Journal Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Jul-01 Eby Company ? 8000 8000 Jul-02 Shaw Shipping ? 400 400 Jul-05 Getz Company ? 3200 3200 Jul-13 Dayne Supply 126/? 720 720 Jul-15 Eby Company ? 3600 3600 Jul-15 Bosco Company ? 4300 4300 Jul-18 Welton Advertisements 610/? 600 600 Jul-24 Getz Company ? 3000 3000 Jul-26 Dayne Supply 157/? 900 900 Jul-28 Shaw Shipping ? 380 380 25100 22880 2220 (210) (120) (X) Sales Journal Date Account Debited Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Jul-03 Fort Company 1300 910 Jul-03 Hefner Bros. 1500 1050 Jul-16 Aybar Company 3450 2415 Jul-16 Hefner Bros. 1870 1309 Jul-21 Fort Company 310 217 Jul-21 Duncan Company 2800 1960 Jul-30 Aybar Company 5600 3920 16830 11781 (112)(401) (505)(120) Date Account Titles and Explanation Debit Credit Jul-08 Accounts payable-Getz Company 300 Inventory 300 Jul-22 Sales returns and allowances 40 Accounts receivable-Fort Company 40

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