11. Here is a list of transactions for the month of March 19xx: old merchandise

Question

11. Here is a list of transactions for the month of March 19xx: old merchandise on credit to M. Gaberman, terms 2/10, n/60, FOB shipping point, $2,200. 3 Purchased merchandise on credit from King Company, terms 2/10, ship 4 Received freight bill for shipment received on March 3, 0, h/30, FOB shipping point, $12,800 6 Sold merchandise for cash, $1,100 7 Sold merchandise on credit to 8, Gomez, terms 2/10, n/60, $2,400 9 Purchased merchandise from Armstrong Company, terms 1/10, n/30, FOB shipping point, $6,180, including freight charges of $400 10 Sold merchandise on credit to G. Horn, terms 2/10, n/20, $4,400 10 Received check from M. Gaberman for payment in full for sale of March 1 11 Purchased merchandise from King Company, terms 2/10, n/30, FOB shipping point, $16,400. 12 Received freight bill for shipment of March 11, $1,460 13 Paid King Company for purchase of March 3 14 Returned merchandise from the March 9 shipment that was the wrong size and color, for credit, $580. 16 G. Horn returned some of the merchandise sold to him on March 10 for credit, $400 17 Received payment from B. Gomez for half of his purchase on March 7. A discount is allowed on partial payment. 18 Paid Armstrong Company balance due on account from transactions on March 9 and 14 20 In checking the purchase of March 1] from King Company, the accounting department found an overcharge of $800. King agreed to issue a credit. 21 Paid freight company for freight charges of March 4 and 12 23 Purchased cleaning supplies on credit from Moon Company, terms n/5, $500. 2iscovered that some of the cleaning supplies purchased on March 23 had not been ordered. Returned them to Moon Company for credit, $100 25 Sold merchandise for cash, $1,600 27 Paid Moon Company for the March 23 purchase less the March 24 return 28 Received payment in full from G Horn for transactions on March 10 and 16. 29 Paid King Company for purchase of March 11 less allowance of March 20 31 Received payment for balance of amount owed from B. Gomez from transactions of March 7 and 17 1. Prepare general journal entries to record the transactions, assuming that the periodic inventory system is used and that purchases are recorded initially at their gross purchase price.

Explanation / Answer

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Date Particular L.F Dr.($) Cr.($) March 1 M.Gaberman 2200 To sales a/c 2200 (Being goods sold on credit,terms 2/10,n/60) 3 Purchases a/c Dr. 12800 To King Company a/c 12800 (Being goods purchased on credit terms 2/10,n/30) 6 Cash a/c Dr 1100 To Sales 1100 (Being goods sold) 7 Gomez a/c Dr. 2400 To Sales 2400 (Being goods sold on credit, terms 2/10,n/60) 9 Purchase a/c Dr. 6180 To Armstrong co. 6180 (Being Purchases made on credit, terms 1/10,n/30) 10 G.Horn 4400 To sales (2/10,n/20) 4400 (Being goods sold on account) 10 Bank a/c Dr 2156 Discount exp a/c Dr. 44 To M.goberman 2200 (Being discount allowed @2% for timely payment) 11 Purchases a/c Dr 16400 To king co. 16400 (Being Purchases made on credit, 2/10,n/30) 13 king co. A/c dr 12800 To bank account 12544 To discount received a/c 256 (Being payment made on time and discount received) 14 Armstrong a/c dr 580 To purchase returns 580 (Being goods returned) 16 sales return a/c Dr. 400 To G.Horn 400 (Being goods returned) 17 Bank a/c Dr 1176 Discount exp a/c Dr 24 To B.Gomez 1200 (Being discount allowed on partial payment received) 18 Armstrong a/c Dr 5600 To Bank 5544 To discount received 56 (Being payment made and discount received) 20 King Company a/c Dr 800 To Purchases 800 (Being amount overcharged,now rectified) 21 Freight exp a/c Dr 2360 To Cash 2360 (Being Freight exp paid) 23 Supplies a/c Dr 500 To Moon Co 500 (Being supplies purchased) 24 moon co a/c Dr 100 To supplies 100 (Being Supplies returned) 25 Cash a/c Dr 1600 To sales 1600 (Being goods sold) 27 Moon Co a/c Dr. 400 To Bank 400 (Being payment made) 28 Bank a/c Dr 4000 To G.Horn 4000 (Being payment received) 29 King Company a/c Dr 15600 To Bank 15600 (Being payment made) 31 Bank a/c Dr 1200 To B.Gomez 1200 (Being payment received)

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