Prepare General Journal entries to record the following perpetual system merchandising transactions of Hanifin Company. Use a

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Prepare General Journal entries to record the following perpetual system merchandising transactions of Hanifin Company. Use a separate account for each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Dickson Company.
Aug. 1 Purchased merchandise from Dickson Company for $4,000 under credit terms of 1/10, n/30, FOB destination.
4 At Dickson's request, paid $350 for freight charges on the August 1 purchase, reducing the amount owed to Dickson.
5 Sold merchandise to Griften Corp. for $3,800 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,470.
8 Purchased merchandise from Kendall Corporation for $5,200 under credit terms of 1/10, n/45, FOB shipping point.
9 Paid $325 shipping charges related to the August 5 sale to Griften Corp.
10 Griften returned merchandise from the August 5 sale that had cost $440 and been sold for $800.
The merchandise was restored to inventory.
12 After negotiations with Kendall Corporation concerning problems with the merchandise purchased on August 8, received a credit memorandum from Kendall granting a price reduction of $400.
15 Received balance due from Griften Corp. for the August 5 sale
17, Purchased office equipment from WestCo on credit, $6,000, n/45
18 Paid the amount due Kendall Corporation for the August 8 purchase.
19 Sold merchandise to Farley for $1,800 under credit terms of 1 /10, n/30, FOB shipping point the merchandise had cost $990.
22 Farley requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Farley a credit memorandum for $300 to resolve the issue
29 Received Farley's payment of the amount due from the August 19 purchase
30 Paid Dickson Company the amount due from the August 1 purchase.
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Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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