Part 1 Prepare general journal entries to record the following perpetual system merchandising transactions of Laser Supply
Question:
Part 1
Prepare general journal entries to record the following perpetual system merchandising transactions of Laser Supply Company. Use a separate account for each receivable and payable; for example, record the sale on March 2 in Accounts Receivable?Tessier & Welsh.
Part 2
Based on the information provided above, calculate (a) net sales, (b) cost of goods sold, and (c) gross profit for the month ended March 31, 2020.
Purchased $48,000 of merchandise from Johnson Suppliers paying cash. Mar. Sold merchandise for $9,450 to Tessier & Welsh; terms 2/15, n/30, FOB destination (cost of sales $6,600). Purchased merchandise from Janz Company for $11,300; terms 2/15, n/45, FOB shipping point. Paid $1,540 shipping costs regarding the purchase of March 1. 6 Sold merchandise for $10,900 to Parker Company; terms 3/5, n/eom, FOB destination (cost of sales $7,650). 10 Purchased $18,000 of merchandise from Delton Suppliers; terms 2/10, n/45, FOB destination. Collected the balance owing from Tessier & Welsh regarding the March 2 sale. Paid for the March 4 purchase from Janz Company. 16 17 Paid for the March 10 purchase from Delton Suppliers. 30 Collected the balance owing from Parker Company regarding the sale of March 6. 31
Step by Step Answer:
Part 1 Mar 1 Merchandise Inventory 48000 Cash 48000 To record purchase of merchandise for cash 2 Acc...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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