ACCT 2301 - Principles of Financial Accounting LECTURE NOTES 1 - Merchandizin Journalizing and Pesting Tra Ex. All the below transactions took place during the month of August 2018 and refer to Harmony Merchandise Store. 2018 Record and post these transactions in the books of Harmony Store, using the periodic and perpetual inventory syster July 1 Purchased 100 pairs cleats for cash, from Bailor Sports Goods, for $30/pair 3 Purchased 80 units of sports helmets @ $25 each, from Players Ltd., credit terms 310, N30, FOB Shipping point 4 Sold 60 pairs deats or $42 a pair for cash to Wilmer High School, after allowing for 3% trade discount and charging sale tax of 8% 5 Harmony received and settled a bill for $55 to cover shipping of the July 3 purchase, to its warehouse. 6 Harmony reported slight defects on ten (10) of the helmets purchased on July 3, and Players Ltd. gave an allowance $5 each to avoid the return of the goods. 7 Purchased 200 pairs of football hoses at $2 per pair, from Sports Footwear Co., on terms 2/10; N/30. 8 Returned four (4) pairs of cleats to supplier of July 1, because of defect, and received cash refund. 9 Harmony paid $1,500 cash for part amount owing to Players Ltd. 11 Sold 40 pairs hoses to Magic Sports Club for $5 per pair, on terms 2/15: N/30, FOB destination. 13 Received balance due from Magic Sports Club. 14 Paid balance due Players Ltd. 15 Sold 15 pairs of football cleats to Houston Rachets Store at $35 a pair, less 1% discount. Terms of trade 2/15, N30 FOB shipping point and sales tax of 8%. 15 Magic Sports Club returned six (6) pairs of hoses, purchased July 13, and received full credit. PERIODIC INVENTORY METHOD - GENERAL LEDGER Ace. Purchases Date Account Dr. Cr. 3,000 Balance Dr. 3,000 x Al the below tru e to place during the meth s kupothese tracks in the farm August 2013 refer to Her Merchandise Store i ng the proper torysy 1. Purchases al S General Mercy Merchandise lewey A. Peale $ 2.000 Aec. Payable Cash E 1 Purchased 100 pairs for frem Sports Goede, for $30 pair Purchased units of parties $25 wack from Players Lucredit terme VI, NW, FOB Shipping point 4 Sed sepis death of 5-12 perforacht W er High Sched, after allow for 3 trete dhe charging sale Bax 5 Harmony received and deall for 585 tower shipping of the Jay purchase, te is warehouse 6 Harmony reported light defects one (10) helmets parc e ly 3, and Meyers Lodgave allow Serh te the return the 7 Purchased 200 pairs of halbes prair from Sweetwear Center 210 N/N 8 Returned for 14 pairs of deats to p er of July 1, le defect and received cash refund 9 Herpad1. S herpa 11 Sold 40 pair best. Magk h pertem MIN/N, FOR desiste 13 Received based from Magic Sports Club 5. Freight in Mercy Merchery Apie Merchant Mercy A yake 15 S 15 pairs of shall at tale Rates Store p air, 1 diant Terms of trade 3 FOB shipping pindales tax ofs. 15 Mack Sports Club returned 6) pisofbesprchased July 1 und received full credit Merche Acc. peyle r y Merd 11. Access 200 receivable PERIODIC INVENTORY METHOD.GENERAL LEDGER 1-J4 Ch - A pale $ 2.000 . 200 Accredite A 14.J A recalde pple $ 15. Accrede $ 3 15. A recehale $ 403 39 2 15. 15. Sales reum A receive Mercing Sales retar Actrece Merchery CASN DE C Sale Ter ACM CY KO DE 0 D 0 lele 4-Jol Sales Peak A Armour D r . Dr. Cr. De ce 3.Jel Parc SUBSIDIARY UDGER el Perchas S S 2.0 A DHY INDY AI A A CY W CYT ACCT 2301 - Principles of Financial Accounting LECTURE NOTES 1 - Merchandizin Journalizing and Pesting Tra Ex. All the below transactions took place during the month of August 2018 and refer to Harmony Merchandise Store. 2018 Record and post these transactions in the books of Harmony Store, using the periodic and perpetual inventory syster July 1 Purchased 100 pairs cleats for cash, from Bailor Sports Goods, for $30/pair 3 Purchased 80 units of sports helmets @ $25 each, from Players Ltd., credit terms 310, N30, FOB Shipping point 4 Sold 60 pairs deats or $42 a pair for cash to Wilmer High School, after allowing for 3% trade discount and charging sale tax of 8% 5 Harmony received and settled a bill for $55 to cover shipping of the July 3 purchase, to its warehouse. 6 Harmony reported slight defects on ten (10) of the helmets purchased on July 3, and Players Ltd. gave an allowance $5 each to avoid the return of the goods. 7 Purchased 200 pairs of football hoses at $2 per pair, from Sports Footwear Co., on terms 2/10; N/30. 8 Returned four (4) pairs of cleats to supplier of July 1, because of defect, and received cash refund. 9 Harmony paid $1,500 cash for part amount owing to Players Ltd. 11 Sold 40 pairs hoses to Magic Sports Club for $5 per pair, on terms 2/15: N/30, FOB destination. 13 Received balance due from Magic Sports Club. 14 Paid balance due Players Ltd. 15 Sold 15 pairs of football cleats to Houston Rachets Store at $35 a pair, less 1% discount. Terms of trade 2/15, N30 FOB shipping point and sales tax of 8%. 15 Magic Sports Club returned six (6) pairs of hoses, purchased July 13, and received full credit. PERIODIC INVENTORY METHOD - GENERAL LEDGER Ace. Purchases Date Account Dr. Cr. 3,000 Balance Dr. 3,000 x Al the below tru e to place during the meth s kupothese tracks in the farm August 2013 refer to Her Merchandise Store i ng the proper torysy 1. Purchases al S General Mercy Merchandise lewey A. Peale $ 2.000 Aec. Payable Cash E 1 Purchased 100 pairs for frem Sports Goede, for $30 pair Purchased units of parties $25 wack from Players Lucredit terme VI, NW, FOB Shipping point 4 Sed sepis death of 5-12 perforacht W er High Sched, after allow for 3 trete dhe charging sale Bax 5 Harmony received and deall for 585 tower shipping of the Jay purchase, te is warehouse 6 Harmony reported light defects one (10) helmets parc e ly 3, and Meyers Lodgave allow Serh te the return the 7 Purchased 200 pairs of halbes prair from Sweetwear Center 210 N/N 8 Returned for 14 pairs of deats to p er of July 1, le defect and received cash refund 9 Herpad1. S herpa 11 Sold 40 pair best. Magk h pertem MIN/N, FOR desiste 13 Received based from Magic Sports Club 5. Freight in Mercy Merchery Apie Merchant Mercy A yake 15 S 15 pairs of shall at tale Rates Store p air, 1 diant Terms of trade 3 FOB shipping pindales tax ofs. 15 Mack Sports Club returned 6) pisofbesprchased July 1 und received full credit Merche Acc. peyle r y Merd 11. Access 200 receivable PERIODIC INVENTORY METHOD.GENERAL LEDGER 1-J4 Ch - A pale $ 2.000 . 200 Accredite A 14.J A recalde pple $ 15. Accrede $ 3 15. A recehale $ 403 39 2 15. 15. Sales reum A receive Mercing Sales retar Actrece Merchery CASN DE C Sale Ter ACM CY KO DE 0 D 0 lele 4-Jol Sales Peak A Armour D r . Dr. Cr. De ce 3.Jel Parc SUBSIDIARY UDGER el Perchas S S 2.0 A DHY INDY AI A A CY W CYT