Pr 6-2B The following selected transactions were completed by green lawn supplie
ID: 2570864 • Letter: P
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Pr 6-2B The following selected transactions were completed by green lawn supplies company which cells irrigation supplies primarily to wholesalers and locationally to retail customers
OBJ. 2 PR 6-2B Sales-related transactions using perpetual inventory system Co., which The following selected transactions were completed by Green Lawn Supplies sells irrigation suppli primarily to wholesalers and occasionally to retail customers July 1. Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000 2, sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $51,600 5. Sold merchandise on account to Peacock Company, $17,500, terms FOB 00 destination, 1/10, n/30. The cost of merchandise sold was $10,0 8, Sold merchandise for $112,000 plus 8% sales tax to re tail customers who used VISA cards. The cost of merchandise sold was $67,200 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600. 14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $9,000. 15. Received check for amount due from Peacock Company for sale on July 5 16. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800 18. Sold merchandise on account to Jennings Company, $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice The cost of merchandise sold was $6,800. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16 28. Received check for amount due from Jennings Company for sale of July 18 31. Paid Black Lab Delivery Service $8,550 for delivery of merchandise in July to customers under shipping terms of FOB destination 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July 10. Paid $41,260 to state sales tax division for taxes owed on sales. Instructions Journalize the entries to record the transactions of Green Lawn Supplies CoExplanation / Answer
Company : Green Lawn Supplies Co., Journal Entries Debit Credit Jul-01 Landscapes Co., 33,450 Sales 33,450 (towards sale of merchandise) Jul-02 Cash 92,880 Sales Tax Payable 6,880 Sales 86,000 (towards sale of merchandise to retail customers) Jul-05 Peacock Company 17,500 Sales 17,500 (towards sale of merchandise) Jul-08 Bank/Cash 1,20,960 Sales Tax Payable 8,960 Sales 1,12,000 (towards sale of merchandise to retail customers) Jul-13 Bank/Cash 1,03,680 Sales Tax Payable 7,680 Sales 96,000 (towards sale of merchandise to retail customers) Jul-14 Loeb Co., 16,000 Sales 16,000 (towards sale of merchandise) Jul-15 Bank/Cash 17,325 Sales Discount 175 Peacock Co., 17,500 (Check collected on account of sales and provided 1% Discount) Jul-16 Sales Returns (Credit Memo) 3,000 Loeb Co., 3,000 (Credit Memo against the return of Goods) Jul-18 Jennings Company 11,825 Sales 11,350 Freight 475 (towards sale of merchandiese and freigh paid) Jul-18 Freight 475 Cash 475 Jul-24 Bank/Cash 12,870 Sales Discount 130 Loeb Co., 13,000 (Check collected on account of sales and provided 1% Discount) Jul-28 Bank/Cash 11,648 Sales Discount 227 Peacock Co., 11,875 (Check collected on account of sales and provided 2% Discount) Jul-31 Freight 8,550 Cash 8,550 Jul-31 Bank/Cash 33,450 Loeb Co., 33,450 (Check collected on account of sales) Aug-03 Bank Charges 3,770 Bank/Cash 3,770 (towards Bank charges paid) Aug-10 Sales Tax Payable 41,260 Cash/Bank 41,260 (towards Sales Tax paid to Government)
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