Using the information provided in Part 1 of Problem 1B journalize each of the transactions assuming a
Question:
In Problem 1B Part 1
Prepare General Journal entries to record the following perpetual system merchandising transactions of Lyryx Company. Use a separate account for each receivable and payable; for example, record the sale on March 6 in Accounts Receivable-Tessier & Welsh.
Mar. 5 Purchased $48,000 of merchandise from Delton Suppliers paying cash.
6 Sold merchandise for $36,000 to Tessier & Welsh; terms 2/10, n/30, FOB destination (cost of sales $27,100).
7 Purchased merchandise from Janz Company for $71,000; terms 1 /10, n/45, FOB shipping point.
8 Paid $1,540 shipping costs regarding the purchase of March 7
9 Sold merchandise for $46,000 to Parker Company; terms 2/10, n/30, FOB destination (cost of sales $32,900).
10 Purchased $1 7,800 of merchandise from Delton Suppliers; terms 2/10, n/45, FOB destination.
16 Collected the balance owing from Tessier & Welsh regarding the March 6 sale.
17 Paid for the March 7 purchase from janz Company.
30 Paid for the March 10 purchase from Delton Suppliers.
31 Collected the balance owing from Parker Company regarding the sale of March 9.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted: