Question
At the beginning of the current soccer season, on May 1, 2021, Fullback Sports has 92 soccer balls in inventory at $10 each. The company
At the beginning of the current soccer season, on May 1, 2021, Fullback Sports has 92 soccer balls in inventory at $10 each. The company uses a perpetual inventory system and the contract-based approach for revenue recognition. Based on past experience, Fullbacks management estimates returns at 20% of sales and has a stated return policy of 15 days from the date of sale. The following sales transactions occurred in May:
May 5 | Sold 15 soccer balls to Wolverine Soccer Club for $20 each, n/30. | |
7 | Wolverine Soccer Club returned 3 of the balls after determining it had purchased more balls than it needed. Fullback gave Wolverine a credit on its account and returned the balls to inventory. | |
10 | Sold 35 balls at $20 each to cash customers. | |
12 | 7 of the balls purchased for cash on May 10 were returned for cash because they were damaged. The balls were scrapped. | |
17 | Sold 21 balls to Spectre Community Club for $20 each, n/30. | |
31 | Collected cash from Wolverine Soccer Club for the amount owing. |
Record the transactions for the month of May for Fullback Sports. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record sales on account | enter a debit amount | enter a credit amount |
enter an account title to record sales on account | enter a debit amount | enter a credit amount | |
enter an account title to record sales on account | enter a debit amount | enter a credit amount | |
(To record sales on account.) | |||
May 5 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
(To record cost of goods sold.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record credit for goods returned | enter a debit amount | enter a credit amount |
enter an account title to record credit for goods returned | enter a debit amount | enter a credit amount | |
(To record credit for goods returned.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record cost of goods returned | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods returned | enter a debit amount | enter a credit amount | |
(To record cost of goods returned.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record cash sale | enter a debit amount | enter a credit amount |
enter an account title to record cash sale | enter a debit amount | enter a credit amount | |
enter an account title to record cash sale | enter a debit amount | enter a credit amount | |
(To record cash sale.) | |||
May 10 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
(To record cost of goods sold.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record cash refund for goods returned | enter a debit amount | enter a credit amount |
enter an account title to record cash refund for goods returned | enter a debit amount | enter a credit amount | |
(To record cash refund for goods returned.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record cost of damaged goods returned | enter a debit amount | enter a credit amount |
enter an account title to record cost of damaged goods returned | enter a debit amount | enter a credit amount | |
(To record cost of damaged goods returned.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record sales on account | enter a debit amount | enter a credit amount |
enter an account title to record sales on account | enter a debit amount | enter a credit amount | |
enter an account title to record sales on account | enter a debit amount | enter a credit amount | |
(To record sales on account.) | |||
May 17 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
(To record cost of goods sold.) | |||
choose a transaction date May 5May 7May 10May 12May 17May 31 | enter an account title to record Collection on account | enter a debit amount | enter a credit amount |
enter an account title to record Collection on account | enter a debit amount | enter a credit amount | |
(Collection on account.) |
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