Journalize, post, and prepare trial balance and partial income statement under a
ID: 2448430 • Letter: J
Question
Journalize, post, and prepare trial balance and partial income statement under a periodic system.
At the beginning of the current season on November 1, the ledger of Winona Sports showed Cash $3,300, Inventory $4,700, and Common Stock $8,000. The following transactions occurred during November 2014.
The chart of accounts for Winona Sports includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In.
Instructions
Journalize the November transactions using a periodic inventory system.
Using T-accounts, enter the beginning balances in the ledger accounts and post the November transactions.
Nov. 5 Purchased hockey sticks and pucks on account from Hi-Stick Co. $1,600, terms 2/10, n/60. 7 Paid freight on Hi-Stick Co. purchases $90. 9 Received credit from Hi-Stick Co. for merchandise returned $350. 10 Sold merchandise on account for $1,000, terms n/30. 12 Purchased gloves, socks, and other accessories on account from Twin City Sportswear $945, terms 1/10, n/30. 14 Paid Hi-Stick Co. in full. 17 Received credit from Twin City Sportswear for merchandise returned $45. 20 Made sales on account for $1,330, terms n/30. 21 Paid Twin City Sportswear in full. 27 Granted credit to customers for clothing that did not fit properly $150. 30 Received payments on account for $1,900.Explanation / Answer
Journalize the November transactions using a periodic inventory system.
Date Account Title & Explaination Debit Credit Nov 5 Purchases 1600 Accounts Payable 1600 7 Freight-In 90 Cash 90 9 Accounts Payable 350 Purchase Returns and Allowances 350 10 Accounts Recievable 1000 Sales Revenue 1000 12 Purchases 945 Accounts Payable 945 14 Accounts Payable 1250 Purchase Discounts 25 Cash 1225 17 Accounts Payable 45 Purchase Returns and Allowances 45 20 Accounts Recievable 1330 Sales Revenue 1330 21 Accounts Payable 900 Purchase Discounts 9 Cash 891 27 Sales Returns and Allowances 150 Accounts Recievable 150 30 Accounts Recievable 1900 Cash 1900Related Questions
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