Bookmarks People Window Help 37%E) Fri 4:48 AM CengageNoWv2 1 Online teaching an
ID: 2536973 • Letter: B
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Bookmarks People Window Help 37%E) Fri 4:48 AM CengageNoWv2 1 Online teaching and learning resource from Cengage Learning " Show Me How Calculator Sales-Related Transactions Using Perpetual Inventory System The foilowing selected transactions were completed by Amsterdam Supply Co., which sells office supplies primanily to wholesalers and occasiona retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $19,000, terms FOB destination, 1/10, n/30. The cost of the goods sold was $14,390 3. Sold merchandise for S 10,950 plus 6% sales tax to retail cash customers. The cost of the goods sold was S7.660. 4. Sold merchandise on account to Empire Co., 51,920, terms FOB shipping point, neom. TThe cost of the goods sold was $33,650 5. Sold merchandse for $29,700 plus 6% sales tax to retal customers who used MasterCard. The cst of the goods sold was $20,540. 12. Received check for amount due from Equinox Co, for sale on March 2 14. Sold merchandise to customers who used American Express cards, $12,860. The cost of the goods sold was $8,630. 16. Sold merchandise on account to Targhee Co., $28,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,600 18. Issued credit memo for $4,300 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,890 0, teres FOs shipping point, 2/10, nv30. Paid $65 for freight and 19. Sold merchandise on account to Vista Co, $8,75 added it to the invoice. The cost of the goods sold was $4,910. 26. Received check for amount due from Targhee Co. for sale on March 16 less credit memo 28. Received check for amount due from Vista Co. for sale of March 19 31. Received check for amount due from Empire Co. for sale of March 4 of March 18. 2 more Check My Work uses remainingExplanation / Answer
Journal entries:
Date Account Debit Credit
Mar2-sale Account Receivable-Equinox Co. 19,000
Sales 19,000
Mar2-cost Cost of goods sold 14,390
Merchandise Inventory 14,390
Mar3-sale Account Receivable 11,607
Sales 10,950
Sales tax payable 657
Mar3-cost Cost of goods sold 7,660
Merchandise Inventory 7,660
Mar4-sale Account Receivable-Empire Co. 51,920
Sales 51,920
Mar4-cost Cost of goods sold 33,650
Merchandise Inventory 33,650
Mar5-sale Account Receivable 31,482
Sales 29,700
Sales tax payable 1,782
Mar5-cost Cost of goods sold 20,540
Merchandise Inventory 20,540
Mar12 Cash 19,000
Account Receivable-Equinox Co. 19,000
Mar14-sale Account Receivable-American Express 12,860
Sales 12,860
Mar14-cost Cost of goods sold 8,630
Merchandise Inventory 8,630
Mar16-sale Account Receivable-Targhee Co. 28,500
Sales 28,500
Mar16-cost Cost of goods sold 15,600
Merchandise Inventory 15,600
Mar18-return Sales return and allowances 4,300
Account Receivable-Targhee Co. 4,300
Mar19-sale Account Receivable-Vista Co. 8,750
Sales 8,750
Mar19-freight Account Receivable-Vista Co. 65
Sales 65
Mar19-cost Cost of goods sold 4,910
Merchandise Inventory 4,910
Mar26 Cash 24,200
Account Receivable-Targhee Co. 24,200
Mar28 Cash 8,815
Account Receivable-Vista Co. 8,815
Mar31-collectn Cash 51,920
Account Receivable-Empire Co. 51,920
Mar31-freight Fleetwood Delivery service 5,930
Cash 5,930
Apr3 Service fee-Citi Bank 920
Cash 920
Apr15 Sales tax 5,947
Cash 5,947
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