PROBLEM#1 Journalize the following entries for Oglala Supplies: . . 1-Jan Oglala

Question

PROBLEM#1
Journalize the following entries for Oglala Supplies:
.
.
1-Jan Oglala purchases $100,000 of merchandise from Loopy and Co., terms 1/10,net 30

3-Jan Oglala returns $10,000 to Loopy for full credit

4-Jan Oglala sells $40,000 of merchandise to Doody and Co., cost $24,000 terms 2/15, net 45
6-Jan Oglala pays Loopy amount due

10-Jan Oglala receives return of $8,000, cost $4800 of merchandise from Doody from Jan 4.

13-Jan Doody pays amount due transaction

15-Jan Oglala pays freight on Loopy purchase to Fed Ex, $400

16-Jan Oglala pays freight to Fed Ex on Doody sale, $800

Explanation / Answer

01-Jan purchases 100000 01-Jan Loopy and Co 100000 01-Jan Loopy and Co 100000 01-Jan         To Bank / Cash 100000 03-Jan Loopy and co 10000        To sales return 10000 04-Jan purchases 40000 04-Jan               To cash / Bank 24000 04-Jan              To Doody and Co 16000 6-Jan Oglala pays 10000 6-Jan         To Bank / Cash 10000 10-Jan Oglala 8000 10-Jan        To sales return 8000 Jan-04 Doody 4800 Jan-04               To cash 4800 Jan-04 Oglala 3200 Jan-04               To cash / Bank 3200 15-Jan freight 400 15-Jan               To cash / Bank 400 16-Jan freight 800 16-Jan               To cash / Bank 800

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