have to prepare general journal entries please please help CHAPTER S Accounting
ID: 2409788 • Letter: H
Question
have to prepare general journal entries please please help
CHAPTER S Accounting for reducing the amount owed to CMP 3 Purchasse bumper cers hom CMP Corp for $$2.000 under creit tems of 1/10, /30. FOB nquest soe st 500 for treight charges on the July 3 purchase, Cost 2so for $21,000 under credit terms of 2/10, nv/60, FOBd 7Sole thon candg machines to west The merchandise has cost $27 500 20 Purchased show cone machines tom Cmarmon Corporation for $24,300 under credit terms of 1/10, 45.F Paie S2200 shipping charges relaned to the Ju7 sale to West Coast Zoo. 12 West Coast Zoo returmed merchandise trom the July 7 sale that had cost $2.500 and been sold for $3.500 e shianing aoi merchandse was restoret to inventor 2 ther negotiations with Cmaon Corporation conceming problems with the merchandise purchased on Jy t receved a credit memo trom Cimaon granting a price reduction of $4.100. 17 Receivec beiance due trom west Coast Zoo. for the July 7 sale. 1s Soie tor cash a piece of vacant land for its original cost of $62.000. 19 Purchased a used van for the business, $28.000: paid cash of $10.000 and borrowed the balance from the ban 20 Pac the amount due Cimamon Corporation for the July 10 purchase 21 Sois a climbing wall to Canadian National Exhibition for $18,000 under credit terms of 1/10, n/30, FO8 shppng point The merchandise had cost $13 100 24 Canadian National Exthibition requested a price reduction on the July 21 sale because the merchandise dd aet meet specifications. Sent Canadian Nstional Exhibition a credit memo for $3.000 to resove the issue. a1 Received Canadian 31 Paid CMP Cop the amount due from the July 3 purchase. National Exhibtion's payment of the amount due from the July 21 purchase. Analysis Component: Regarding the July 24 transaction, what alternative is there to granting a memo? Be sure to identifg and explain an advantage and disadvantage of the alternativeExplanation / Answer
Journal Entry Date Particulars Dr. Amt. Cr. Amt. 3-Jul Inventory 32,000.00 Accounts Payable 32,000.00 (To record the inventory purchased from CMP Corp.) 4-Jul Accounts Payable 1,500.00 Cash 1,500.00 (To record the freight paid on behalf of CMP Corp.) 7-Jul Accounts Receivable 21,000.00 Sales Revenue 21,000.00 (To record the sale of Candy Machines) Cost of Goods Sold 17,500.00 Inevnetory 17,500.00 (To record the cost of goods sold) 10-Jul Inventory 29,300.00 Accounts Payable 29,300.00 (To record the inventory purcahsed) 11-Jul Freight Outwards /Delivery Expenses 1,200.00 Cash 1,200.00 (To record the freight paid) 12-Jul Sales Returns & Allowances 3,500.00 Accounts Receivable 3,500.00 (To record the sales return) Inventory 2,500.00 Cost of Goods Sold 2,500.00 (To record the Cost of goods return) 14-Jul Accounts Payable 4,100.00 Inventory 4,100.00 (To record th credit note return for defective goods) 17-Jul Cash ($17,500 X 98%) 17,150.00 Trade Discount ($17,500 X 2%) 350.00 Accounts Receivable 17,500.00 (To record the cash recd) 18-Jul Cash 62,000.00 Land 62,000.00 (To record the sale of Vacant Land) 19-Jul Van 28,000.00 Cash 10,000.00 Notes Payable 18,000.00 (To record the purchase of Van) 20-Jul Accounts Payable 25,200.00 Cash ($25,200 x 99%) 24,948.00 Purchase Discount ($25,200 X 1%) 252.00 (To record the cash paid) 21-Jul Accounts Receivable 18,000.00 Sales Revenue 18,000.00 (To record the sale of Candy Machines) Cost of Goods Sold 13,100.00 Inevnetory 13,100.00 (To record the cost of goods sold) 24-Jul Sales Returns & Allowances 3,000.00 Accounts Receivable 3,000.00 (To record the allowance given) 31-Jul Cash ($15,000 X 99%) 14,850.00 Trade Discount ($15,000 X 1%) 150.00 Accounts Receivable 15,000.00 (To record the cash recd) 31-Jul Accounts Payable 30,500.00 Cash 30,500.00 (To record the cash paid)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.