Hello, I need need help with this please Thank you s Using Perpetual Inventory S

Question

Hello,
I need need help with this please
Thank you

s Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $20,100, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,320. Sold merchandise for $10,000 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,480. 4. Sold merchandise on account to Empire Co., $58,580, terms FOB shipping point, n/eom. TThe cost of the goods sold was $29,970. sold merchandise for S27.850 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $17,850. 12. Received check for amount due from Equinox Co. for sale on March 2. who used American Express cards, $15,070. The cost of the goods sold was $8,430. old merchandise on account to Targhee Co, S29,800, terms FOB shipping point, 1/10·n/30. The cost of the goods sold was $16,550 6. 18. Issued credit memo for $4,700 to Targhee Co. for merchandise returned from sale on March 16. The cost of the 19. Sold merchandise on account to Vista Co., $8,600, terms FOB shipping point, 2/10, n/30. Paid $60 for freight and added it to the invoice. The cost of the goods sold was $4,820 Received check for amount due from Vista Co. for sale of March 19.

Explanation / Answer

Solution:

Preparing Journal Entries to Record the Transactions of Amsterdam Supply Co.:

Date General Journal Debit Credit March 2 Equinox Co. $20,100 Sales $20,100 (To Record Sales on Credit) March 2 Sales $20,100 Cost of Goods Sold $12,320 Profit on Sales $7,780 (To Record the Cost of Goods sold and Profit on Sales) March 3 Cash $11,554 Sales $10,900 Sales Tax $654 (To Record the Sales of Goods and Sales Tax) March 3 Sales $10,900 Cost of Goods sold $6,480 Profit on Sales $4,420 (To Record the Cost of Goods sold and Profit on Sales) March 4 Empire Co. $58,580 Sales $58,580 (To Record Sales on Credit) March 4 Sales $58,580 Cost of Goods Sold $29,970 Profit on Sales $28,610 (To Record the Cost of Goods sold and Profit on Sales) March 5 Bank $29,521 Sales $27,850 Sales Tax $1,671 (To Record the Sales of Goods and Sales Tax) March 5 Sales $27,850 Cost of Goods Sold $17,860 Profit on Sales $9,990 (To Record the Cost of Goods sold and Profit on Sales) March 12 Bank $20,100 Equinox co. $20,100 (To Record the Cheque Received) March 14 Bank $15,070 Sales $15,070 (To Record Sales on Credit) March 14 Sales $15,070 Cost of Goods Sold $8,430 Profit on Sales $6,640 (To Record the Cost of Goods sold and Profit on Sales) March 16 Targhee Co. $29,800 Sales $29,800 (To Record Sales on Credit) March 16 Sales $29,800 Cost of Goods sold $16,550 Profit on Sales $13,250 (To Record the Cost of Goods sold and Profit on Sales) March 18 Sales Returns $4,700 Targhee Co. $4,700 (To Record the Merchandise Returned) March 18 Cost of Goods sold $2,640 Profit on Sales $2,060 Sales Returns $4,700 (To Record the Cost of Goods sold and Profit on Sales) March 19 Vista Co. $8,660 Sales $8,600 Frieght $60 (To Record Sales on Credit) March 19 Sales $8,600 Cost of Goods sold $4,820 Profit on Sales $3,780 (To Record the Cost of Goods sold and Profit on Sales) March 26 Bank $29,800 Targhee Co. $29,800 (To Record Receipt of Cash from Targhee Co.) March 28 Bank $8,660 Vista Co. $8,660 (To Record Receipt of Cash from Vista Co.) March 31 Bank $58,580 Empire Co. $58,580 (To Record Receipt of Cash from Empire Co.) March 31 Freight $6,200 Cash $6,200 (To Record the Payment of Frieght) April 3 Services Fees $960 Bank $960 (To Record Payment of Frieght) April 15 Tax $6,487 Cash $6,487 (To Record the Payment of Cash)

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