#2. complete the closing journal, multi-step income statement, and the balance sheet
ACCT 2301. Principles of Financial Accounting LECTURE NOTES Intre Merchandising Accounting Journalising and Pesting Transact Ex. All the below transactions took place during the mech of August 2018 and refer to Home Merchandise Store 2018 Record and post these transactions in the books of Harmony Store, using the periodic and perpetual inventory sy Generalfowa Purchases $ 3000 1. Purchase Acc. Payable General Journal 1.Bal Merchandise inventory S 3.000 Cach Pull Merchandise inventory S 2.000 Ace Payable S 2.000 4-ul Cash $ 2,60 Sales S4 Sales tax Cost of sales S 1.260 Merchandise inventory Sol Merchandise invece Sales tax Freight in Purchased 100 pair cleats for cash from Bailor Sports Clogs, for pair J-Jul 3 Purchased units of sports helmets $25 cach, from Players . credit forms 3/10, N90 FOB Shipping poin 4 Sold pairs cleats of $42 a pair for cash to Wilmer High School, after allowing for 3% trade discount and charging all tax of 8% 5 Harmony Torived and settled a bill for $55 to C T shipping of the July 3 purchase to its warehouse 6 Harmony reported slight defects on ten (10) of the belt purchased on July 3, and Players Lid. gave an allowa Seach to avoid thereum of the goods. 7 Purchased 200 pairs of football hoses at $2 per patron Sports Footwear Co, on terms 2/10, N30 5.Jul & Returned four pairs of cleats to supplier of July 1, because of defect, and received chefend Harmy S1.500 for at uni owing to Players Led 6-Jul 11 Sold 40 pair hoses to Magic Sports Club for sp o nte 215. NO, FOB destination 13 Received hence du from Magic Sports Club 14 Paid Melanced Players 15 Sold 15 p of football cleats to Houston Rochets Store at $35 a pair les 1% discount Terms of trade IS, NI J FOB shipping point and sales tax of 8% 15 Magic Sports Club returned six (6) pairs of those purchased July 13, and received full credit $ 50 400 Ace payable Purchases allowance Push A payable C ach Purchases returns Acc. payable 6. Acc. payable Merchandise inventory Merchandise inverny S Accounts payable Sul Cash Merchandise inventory Ace payable Ch Purchase discount 11. Jul Accounts receivable Sales Merchandise inveny Accounts receivable $ 200 11. $ 200 PERIODIC INVENTORY METHOD - GENERAL LEDGER Phas Date 1.Jul Cu S JOKO SS Cost of sales Merchandise invece 1.Jul Cash Sale di un Accounts receivable 14. Jul Accounts are Account Nyable A 14 Jul Ac receivable e SO 454 Purchase Run c e Balar 15-Jul Accounts reivable $ 562 S 562 15.Jul Accounts receivable Sales Sales tax Sales tax 15-Jul Sales returns 15.Jul Cost of sales Merchandising inventory Sales returns Accounts receivable Merchandise inventory Cost of sales Purchases Discount Account Sales Tax Account Dr. de Date 4.Jul Cash CASH Date Account 1-Jul Purchases 4-Jul Sales Dr. Acc Freight (Carriaget in Account Dr. Balance DE Date C. CE Sales tax Account Pavale eroun Rece Dute 4-Jul Cash 2.444 A Date DE CE Account 3.Jul Purchases SUBSIDIARY LEDGER lee Mayer In Date Account Dr. 1.Jul Purchases Balance Sales Returns Account De Date Account Dr. C D C Date Account Dr. Sales De Account Date Dr. C Balance C D Date Account Dr. C. Dr. C. Date Account Dr. Account Dr. C. Balance Dr. C. Date Account De tes. Sales Discount Account Date C Malance C D Date Account Malance C De C D . Date Account DE PRACTICE Based on the lecture notes I sew yw i Word file 1. Complete the recording journal entry) for June 15, the return of the hoses". 2. Post the journal entries in the respective ledger accounts and in the subsidiary led 3. Update the account balances in both ledars
