consider the following perpetual system merchandising transactions of built-in company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in accounts payable Jones company. Do the analysis component

prepare general journal entries record the above transactions.

as a senior purchaser for Belton company. you are concerned at the purchase discounts do you have a negotiated are not being taken advantage of by the accounts payable department.

July 1 Purchased merchandise from Jones Company for $15,800 under credit terms of 3/15, 1/30, FOB factory. 2 Sold merchandise to Terra Co. for $3,100 under credit terms of 1/10, n/60, FOB shipping point. The merchandise had cost $2,450. 3 paid $550 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $4,325 for 55,600 cash. 9 Purchased merchandise from Keene Co. for $8,600 under credit terms of 1/15, 1/60, Fos destination. 12 Received a $2,000 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from Eastco on credit, $860, 1/30. 16 Paid the balance due to Jones Company, 19 Sold merchandise that cost $3,350 to Urban Co. for $4,300 under credit terms of 1/15, n/60, FOB shipping point. 21 Issued a 5400 credit memo to Urban Co. for an allowance on goods sold on July 19. 22 Received a debit meno from Urban Co. for an error that overstated the total invoice by $300 29 Paid Keene Co. the balance due 30 Received the balance due fron Urban Co. for the credit sale dated July 19. 31 Sold merchandise that cost $8,500 to Terra Co. for $11,000 under credit terns of 1/10, 1/60, FOB shipping point *** Record the purchased goods; terms 3/15, n/30, FOB factory. Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general journal Record the goods sold for cash. Note: Enter debits before credits Date General Journal Debit Credit July 08 Record entry Clear entry View general journal Journal entry worksheet Record the cost of the July 8 sale. Note: Enter debits before credits General Journal Debit Credit Date July 08 Record entry Clear entry View general Journal Journal entry worksheet Record the received credit memo. Note: Enter debits before credits Date General Journal Debit Credit July 12 Record entry Clear entry View general journal Journal entry worksheet