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Connect x C Search Textbook SolutioC Finer Company Uses A S: x O Secure https//newconnect.mheducation.com/flow/connect.html Bookmarks college Coursera Other ActioNet KOHLS CC Macys My Maryland Manag Welcome to Peoplek omprehensive Problem Saved Prepare journal entries to record the following merchandising transactions of Clark's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for exämple, record the purchase on July 1 in Accounts Payable-Ryan) 40 l. Purchased merchandise from Ryan Company for $6,609 under credit teres of 1/15, n/se, ros shipping point, invoice dated July Jul. 2 sold nerchandise to Sanchez co. for s1,2ee under credit terms of 2/10, n/6e, Foe shipping point, invoice dated suly 2.he nerchandise had cost $720 ul. 3 Paid $245 cash for freight charges on the purchase of July 1 ul. 8 Sold nerchandise that had cost $1,4ee for $2,3ee cash. u1. 9 Purchased merchandise from Pere: Co. for $2,se0 under credit terss of 2/15, n/68, FOs destination, invoice dated July 9. Dul. 11 Received a ssee credit nemorandun fron Pere: co. for the return of part of the merchandise purchased on July 9 ul. 12 Received the balance due from sanchez Co. for the invoice dated July 2, net of the discount ul. 16 Paid the balance due to Ryan Company within the discount period ul. 19 Sold merchandise, that cost $1 Print ,see to Hall co. for s1,se0 under credit terms of 2/15, n/6e, roe shipping point, invoice dated July 19 1Issued a 5409 credit remorandum to all co. for an allorance on goods sold on July 19 ul. 24 Paid Perez Co. the balance due, net of discount u1, 3e Rece?ved the balance due froe Hall co. for the invoice dated July 19, net of discount to sanchez co. for 57,609 under credit terms of 2/1e, n/se, FoB shipping point, invoice dated July 31 Gedeal Trial Balance Receivables Payables Statement Schedule of Schedule of Income Impact on No input required Dates: Jul 01 wtO Jul 31 of Accountsrecevable Ha 1 of 1 N

Explanation / Answer

In the books of Clark's:

Date Account Titles Debit Credit $ $ July 1 Merchandise Inventory 6,600 Accounts Payable : Ryan Company 6,600 July 2 Accounts Receivable: Sanchez Company 1,200 Sales 1,200 July 2 Cost of Goods Sold 720 Merchandise Inventory 720 July 3 Merchandise Inventory 245 Cash 245 July 8 Cash 2,300 Sales 2,300 July 8 Cost of Goods Sold 1,400 Merchandise Inventory 1,400 July 9 Merchandise Inventory 2,500 Accounts Payable : Perez Company 2,500 July 11 Accounts Payable : Perez Company 500?? Merchandise Inventory 500 July 12 Cash 1,176 Sales Discounts 24 Accounts Receivable: Sanchez Company 1,200 July 16 Accounts Payable : Ryan Company 6,600 Merchandise Inventory 66 Cash 6,534 July 19 Accounts Receivable : Hall Co. 1,800 Sales 1,800 July 19 Cost of Goods Sold 1,300 Merchandise Inventory 1,300 July 21 Sales Returns and Allowances 400 Accounts Receivable : Hall Co. 400 July 24 Accounts Payable : Perez Company 2,000 Merchandise Inventory 40 Cash 1,960 July 30 Cash 1,372 Sales Discounts 28 Accounts Receivable : Hall Co. 1,400 July 31 Accounts Receivable : Sanchez Co. 7,600 Sales 7,600 July 31 Cost of Goods Sold 4,600 Merchandise Inventory 4,600

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