s Window Help a etext.pearson.com Problems Group A Pearson eText 303 PEARSON era

Question

s Window Help a etext.pearson.com Problems Group A Pearson eText 303 PEARSON erations> End of Chapter: Merchandising Options Journalizing purchase and sale transactions Journalize the following transactions that occurred in November 2018 for Julie's Fun World. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Julie's Fun World estimates sales returns at the end of each month. P5-35A Nov. 4 Purchased merchandise inventory on account from Vera Company, $5,000. Terms 3/10, n/EOM, FOB shipping point 6 Paid freight bill of $100 on November 4 purchase. 8 Returned half the inventory purchased on November 4 from Vera Company Sold merchandise inventory for cash, $1,100. Cost of goods, $400. FOB destination. 10 Sold merchandise inventory to Geary Corporation, $11,100, on account, terms of 2/10, n/EOM. Cost of goods, $6,105. FOB shipping point. Paid freight bill of $20 on November 10 sale. Sold merchandise inventory to Caldwell Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. FOB shipping point. Paid the amount owed on account from November 4, less return and discount. Received defective inventory as a sales return from the November 13 sale, 5500. Cost of goods, $275 Purchased inventory of $3,600 on account from Rainman Corporation. Payment terms were 2/10, n/30, FOB destination. Received cash from Geary Corporation, less discount. Paid amount owed on account from November 18, less discount. Received cash from Caldwell Company, less return. Purchased inventory from Sandra Corporation for cash, $12,300, FOB shipping point. Freight in paid to shipping company. $170 11 12 13 14 17 18 20 26 28 29 3 LI

Explanation / Answer

Journal Entries Date Accounts title and explanations Debit$ Credit $ 4-Nov Inventory Dr. 5000    Acounts payable-Vera Company 5000 6-Nov Inventory Account Dr. 1000     cash account 1000 8-Nov Accounts payable-Vera company 2500     Inventory 2500 10-Nov Cash Account Dr. 1100     sales revenue 1100 Cost of Goods sold Dr. 400      Inventory 400 11-Nov Accounts receivable- Geary Corporation 11100      sales revenue 11100 Cost of Goods sold Dr. 6105     Inventory 6105 12-Nov Frieght out expense Dr. 20      cash account 20 13-Nov Accounts receivbale- Caldwell 9500     sales revenue 9500 Cost of Goods ssold Dr. 5225      Inventory 5225 14-Nov Accounts payable-Vera Company Dr. 2500     Cash Account 2425      Inventory ( 2500*3%) 75 17-Nov Sales return Dr. 500     Accounts receivable-Caldwell 500 Inventory Dr. 275     Cost of Goods sold 275 18-Nov Inventory Dr. 3600     Accounts payable-Rainman Corporation 3600 20-Nov Cash Account Dr. 10878 Sales Discount Dr. (11100*2%) 222     Accounts receivable-Geary corporation 11100 26-Nov Accounts payable-Rainman corporation 3600     Cash Account 3528     Inventory (3600*2%) 72 28-Nov Cash Account 9000      Accounts receivable-Caldwell 9000 29-Nov Inventory Dr. 12300      Accounts payable-sandra corporation 12300 Inventory Dr. 170      Cash Account 170 Sales return: 500

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