John\'s Specialty Store uses a periodic inventory system. The following are some

Question

John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 12 John's returned some ol the merchandise purchnsed n ol the coste te mehnisewan $600 and Jon's account as 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier. 3. Merchandise costing $2,800 was sold for $5,200 in cash. Required Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 Record the merchandise purchased on account for $5,000. Note: Enter debits before credits. Transaction General Journal Debit Credit

Explanation / Answer

No. Particulars Debit Credit 1 Purchases 5000 Accounts Payable 5000 2 Frieght-in 300 Cash 300 3 Accounts Payable 600 Purchase Returns 600 4 Cash 5200 Sales Revenue 5200 Adjusting Entry: (there is no entry passed for COGS but at the end of year period an adjusting entry will be made. Cost of goods Sold 2800 Inventory (ending) 1900 Purchase returns 600 Inventory (beginning) - Purchase 5000 Freight-in 300 There is no beginning inventory.

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