RECORDING SALES. Sullivan Company sells industrial cleaning supplies and equipment to other businesses. During the first quarter
Question:
RECORDING SALES. Sullivan Company sells industrial cleaning supplies and equipment to other businesses. During the first quarter of 19x2, the following transactions occurred:
a) On January 10, Sullivan sold on credit 50 cases of paper towels to the WMT Manufacturing Company at a list price of $800 for the entire lot of 50 cases.
b) On January 14, West Side Mall Corporation purchased on credit two floor polishers at a list price of $150 each and 10 cases of nonskid wax at a list price of $50 per case.
c) On January 16, West Side Mall returned 4 cases of the wax purchased on January 14,
d) On January 24, WMT paid for its purchase of January 10.
e) Tom’s Cleaning Service purchased on credit 3 cases of carpet shampoo at a list price of $64 per case of January 31.
f) On February 3, West Side Mall paid for its purchase less the wax returned on Jan-
) uary 16.
g) Tom’s Cleaning Service paid for its purchase of January 31 on February 10. h) WMT returned a case of oversize paper towels on February 16. Sullivan credited WMT’s account.
REQUIRED:
Prepare journal entries to record each of these transactions. lol
Step by Step Answer: