Nakayama Company, which uses the periodic inventory system, engaged in the follo
ID: 2411855 • Letter: N
Question
Nakayama Company, which uses the periodic inventory system, engaged in the following transactions in July: ulySold merchandise to Bernice Wilson on credit, terms 2/10, n/30, $2,100. d merchandise on credit from Simic Company, terms 2/10, n/30, FOB shipping point, $3,800. 0 5 Paid Banner Freight for freight charges on merchandise received, $290 6 Purchased store supplies on credit from Ha 7 Purchased merchandise on credit from, Kroll Company, terms 2/10, n/30, FOB shipping point, $2,400. 7 Paid Banner Freight for freight charges on merchandise received, $194 8 Purchased merchandise on credit from Salinas Company, terms 2/10, n/30, FOB shipping point, $3,600, including es Supply Company, terms n/20, $636. $200 freight costs paid by Salinas Company 9 Received full payment from Bernice Wilson for her July 1 purchase 10 Paid Simic Company for purchase of July 3. 12 Returned some of the merchandise received on July 7 for credit, $600. 15 Sold merchandise on credit to Marc Singer, terms 2/10, n/30, $1,200. 16 Returned some of the store supplies purchased on July 6 for credit, $200 17 Sold merchandise for cash, $1,000. 18 Paid Salinas Company for purchase of July 8 24 Paid Kroil Company for purchase of July 7 less return of July 12. 25 Received full payment from Marc Singer for his July 15 purchase. 27 Paid Hayes Supply Company for purchase of July 6 less return on July 16 9 3 6 1 . Prepare general journal entries to record the transactions, assuming purchases are recorded 31 Sold merchandise for cash, $1,350. at the gross purchase price g100Explanation / Answer
In the books of Nakayama Company:
Date General Journal Debit Credit $ $ July 1 Accounts Receivable : Bernice Wilson 2,100 Sales 2,100 July 3 Purchases 3,800 Accounts Payable: Simic Company 3,800 July 5 Freight-in 290 Cash 290 July 6 Store Supplies 636 Accounts Payable: Hayes Supply Company 636 July 7 Purchases 2,400 Accounts Payable: Kroll Company 2,400 July 7 Freight-in 194 Cash 194 July 8 Purchases 3,400 Freight-in 200 Accounts Payable: Salinas Company 3,600 July 9 Cash 2,058 Sales Discount 42 Accounts Receivable: Bernice Wilson 2,100 July 10 Accounts Payable : Simic Company 3,800 Purchase Discount 76 Cash 3,724 July 12 Accounts Payable: Kroll Company 600 Purchase Returns and Allowances 600 July 15 Accounts Receivable : Marc Singer 1,200 Sales 1,200 July 16 Accounts Payable: Hayes Supply Company 200 Store Supplies 200 July 17 Cash 1,000 Sales 1,000 July 18 Accounts Payable: Salinas Company 3,600 Purchase Discount ( $ 3,400 x 2 %) 68 Cash 3,532 July 24 Accounts Payable: Kroll Company 1,800 Cash 1,800 July 25 Cash 1,176 Sales Discount 24 Accounts Receivable: Marc Singer 1,200 July 27 Accounts Payable: Hayes Supply Company 436 Cash 436 July 31 Cash 1,350 Sales 1,350Related Questions
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