WHICH I COULDN\'T COPY HERE IN EXCEL FORMAT. I WOULD APPRECIATE IF SOMEONE COULD
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Question
WHICH I COULDN'T COPY HERE IN EXCEL FORMAT. I WOULD APPRECIATE IF SOMEONE COULD HELP ME WITH THIS.. INSTRUCTIONS ARE AT THE END.THANK YOU SO MUCH!!!P5-1A Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30
to all of its customers. At the end of June, Sansomite's inventory consisted of suitcases costing $1,200
During the month of July the following merchandising transactions occurred:
July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms
2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.
July 3 Sold suitcases on account to Satchel World for $2,000 The cost of suitcases sold is
$1,200
July 9 Paid Trunk Manufacturers in full.
July 12 Received payment in full from Satchel World.
July 17 Sold suitcases on account to The Going Concern for $1,500 The cost of suitcases sold is
$900
July 18 Purchased suitcases on account for $1,700 from Kingman Manufacturers, FOB shipping point,
terms 1/10, n/30. The appropriate party also made a cash payment of $100 for freight
on this date.
July 20 Received $300 credit (including freight) for suitcases returned to Kingman Manufacturers.
July 21 Received payment in full from The Going Concern.
July 22 Sold suitcases on account to Fly-by-Night for $2,250 The cost of suitcases sold is
$1,350
July 30 Paid Kingman Manufacturers in full.
July 31 Granted Fly-By-Night $200 credit for suitcases returned costing $120
Sansomite's chart of accounts includes the following:
101 Cash 401 Sales
112 Accounts Receivable 412 Sales Returns and Allowances
120 Merchandise Inventory 414 Sales Discounts
201 Accounts Payable 505 Cost of Goods Sold
Instructions:
Journalize the transactions for the month of July for Sansomite using a perpetual inventory system.
July 1 Merchandise Inventory Amount
Accounts Payable Amount
July 3 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 9 Accounts Payable Amount
Merchandise Inventory ($1,800 * 2%) Amount
Cash Amount
July 12 Cash Amount
Sales Discount Amount
Accounts Receivable Amount
July 17 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 18 Merchandise Inventory Amount
Accounts Payable Amount
Merchandise Inventory Amount
Cash Amount
July 20 Accounts Payable Amount
Merchandise Inventory Amount
July 21 Cash Amount
Sales Discount Amount
Accounts Receivable Amount
July 22 Accounts Receivable Amount
Sales Amount
Cost of Goods Sold Amount
Merchandise Inventory Amount
July 30 Account Payable Amount
Cash Amount
July 31 Sales Returns and Allowances Amount
Accounts Receivable Amount
Merchandise Inventory Amount
Cost of Goods Sold Amount
Explanation / Answer
1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul Inventory 1,800.00 Accounts Payable 1,800.00 3-Jul Accounts Receivable 2,000.00 Sales 2,000.00 Cost of Goods Sold 1,200.00 Inventory 1,200.00 9-Jul Accounts Payable 1,800.00 Cash 1,764.00 Discount Earned 36 12-Jul Cash 2,000.00 Accounts Receivable 2,000.00 17-Jul Accounts Receivable 1,500.00 Sales 1,500.00 Cost of Goods Sold 900 Inventory 900 18-Jul Inventory 1,800.00 Accounts Payable 1,800.00 20-Jul Accounts Payable 300 Inventory 300 21-Jul Cash 1,500.00 Accounts Receivable 1,500.00 22-Jul Accounts Receivable 2,250.00 Sales 2,250.00 Cost of Goods Sold 1,350.00 Inventory 1,350.00 30-Jul Accounts Payable 1,400.00 Cash 1,400.00 31-Jul Sales Returns and Allowances Allowances 200 Accounts Receivable 200 31-Jul Inventory 120 Cost of Goods Sold 120Related Questions
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