Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use a separate account for each receivable and payable:

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
12 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use a separate account for each receivable and payable: (Round your answers to the 2 decimal places.) 15 points October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, 1/30, $15,900. 2 Sold merchandise for cash, $2,150, 7 Purchased merchandise on credit from Billings Co., teres 2/10, 1/30, $11,700, F08 the seller's factory 7 Paid 1460 cash for freight charges on the merchandise shpetent of the previous transaction 8 Purchased delivery equipment from Finlay Supplies on credit, $25,000 12 Sold merchandise on credit to Corry Holdings, teres 2/15, 1/10, 1/6, 55,900. 13 Received a $1,550 credit nemo for serchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, 5630, 1/19 15 Sold merchandise on credit to Tow Willis, terw 2/10, 1/30, 1/60, $4,700. 15 Paid for the merchandise purchased on October 7. 16 Received a credit meno for unsatisfactory office supplies purchased on October 13 and returned, $130. 19 Issued a $430 credit nemo to the customer who purchased serchandise on October 15 and returned a portion for credit 25 Received payment for the merchandise sold on October 15 29 The customer of October 12 paid for the purchase of that date. 31 Paid for the merchandise purchased on October 1. Pin References ded homework 1 Saved 31 Para Tor the merchandise purchased on October 1. View transaction list Record the purchase of merchandise from Zeon Company for $15,900 on credit. 2 Record the sales of merchandise for $2,150 cash. Record the purchase of merchandise from Billings Co., for $11,700 on credit. Record the freight charges paid of $460 cash. Record the purchase of delivery equipment from Finlay Supplies for $25,000 on credit. Record the sales of merchandise to Comry Holdings for $5,900 on credit. Note = journal entry has been entered Record entry Clear entry Prey 12 of 12 earch homework i 31 Paid Tor the merchandise purchased on october 1. View transaction list :X: Record the receipt of a credit memo of $1,550 for merchandise purchased on October 7. 3 Record the purchase of office supplies from Staples for $630 on credit. Record the sales of merchandise to Tom Willis for $4,700 on credit. 10 Record the payment for the merchandise purchased on October 7. Record the receipt of a credit memo for $130 for unsatisfactory office supplies purchased on October 13. 12 Record the issue of a credit memo for $430 to Tom Willis Note journal entry has been entered Record entry Clear entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

More Books

Students also viewed these Accounting questions