Journalize the following transactions that occurred in September 2018 for Purple
ID: 2407478 • Letter: J
Question
Journalize the following transactions that occurred in September 2018 for Purple Haze, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts recelvable with the vendor or customer name. Purple Haze estimates sales retuns at the end of each month. (Record debits first, then credits. Exclude explanations from jourmal entries. Assume the company records sales at the net amount.) Click the ioon to view the transactions.) Sep. 3: Purchased merchandise inventory on account from Silton Wholesalers, S7,500. Terms 1/15, n/EOM, FOB shippng point. More Info Date Credit Sep. 3 Sep. 3 Purchased merchandise inventory on account from Silton Wholesalers, $7,500 Terms 1115, VEOM, FOB shipping point 4 Paid freight bill of $50 on September 3 purchase. 4 Purchase merchandise inventory for cash of $2,000 6 Retuned $1,100 of inventory from Soptember 3 purchase. 8 Sold merchandise inventory to Houston Company, S6,100, on account. Terms Sep. 4: Paid freight bill of S50 on September 3 purchase. 215, nr35. Cost of goods, $2,745. Purchased merchandise inventory on account from Tristan Wholesalers, $6,500. Terms 310, nv30, FOB destination. Made payment to Silton Wholesalers for goods purchased on September 3, less return and discount. Date 9 Sep. 4 10 12 Received payment from Houston Company, less discount. 13 After negotiations, received a S100 allowance from Tristan Wholesalers. 15 Sold merchandise inventory to Jex Company, $2,900, on account. Terms nEOM. Cost of goods, $1,218. Made payment, less allowance, to Tristan Whclesalers for goods purchased on Sep. 4: Purchase merchandise inventory for cash of $2,000. 22 23 25 Date Credit Jex Company returned $600 of the merchandise sold on September 15. Cost of goods, $252 Sold merchandise inventory to Sciavone for $1,200 on account that cost S492 Terms of 2/10, n/30 was offered, FOB shipping point. As a courtesy to Scavone $55 of freight was added to the invoice for which cash was paid by Purple Haze. Received payment from Sciavone, less discount. Received payment from Jex Company, less return. Sep. 4 29 30 Choose from any list or enter any number in the input fields and then continue to the next question.Explanation / Answer
Date Accounts Debit Credit Sep. 3 Merchandise inventory 7500 Accounts payable-Silton Wholesalers 7500 Sep. 4 Merchandise inventory 50 Cash 50 Sep. 4 Merchandise inventory 2000 Cash 2000 Sep. 6 Accounts payable-Silton Wholesalers 1100 Merchandise inventory 1100 Sep. 8 Accounts receivable-Houston Company 5978 Sales revenue ($6100 x 98%) 5978 Sep. 8 Cost of goods sold 2745 Merchandise inventory 2745 Sep. 9 Merchandise inventory 6500 Accounts payable-Tristan Wholesalers 6500 Sep. 10 Accounts payable-Siton Wholesalers 6400 Merchandise inventory ($6400 x 1%) 64 Cash 6336 Sep. 12 Cash 5978 Accounts receivable-Houston Company 5978 Sep. 13 Accounts payable-Tristan Wholesalers 100 Merchandise inventory 100 Sep. 15 Accounts receivable-Jex Company 2900 Sales revenue 2900 Sep. 15 Cost of goods sold 1218 Merchandise inventory 1218 Sep. 22 Accounts payable-Tristan Wholesalers 6400 Cash 6400 Sep. 23 Sales returns and allowances 600 Accounts receivable-Jex Company 600 Sep. 23 Merchandise inventory 252 Cost of goods sold 252 Sep. 25 Accounts receivable-Sciavone 1231 Sales revenue ($1200 x 98%) 1176 Cash 55 Sep. 25 Cost of goods sold 492 Merchandise inventory 492 Sep. 29 Cash 1231 Accounts receivable-Sciavone 1231 Sep. 30 Cash 2300 Accounts receivable-Jex Company 2300
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