eBook Show Me How Sales Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co , which sells irrigation supplies primarily to wholesalers and occasionally to retail customers July 1 Sold merchandise on account to Landscapes Co , $16,000, terms FOB shipping point, n eom The cost of merchandise sold was $9,600 2 Sold merchandise for $19,600 plus 7 sales tax to retail cash customers The cost of merchandise sold was $12,700 5 Sold merchandise on account to Peacock Company, $33,700, terms FOB destination, 1 10, n 30 The cost of merchandise sold was $21,900 8 Sold merchandise for $11,900 plus 8 sales tax to retail customers who used VISA cards The cost of merchandise sold was $7,100 13 Sold merchandise to customers who used MasterCard cards, $6,000 The cost of merchandise sold was $3,800 14 Sold merchandise on account to Loeb Co , $10,800, terms FOB shipping point, 1 10, n 30 The cost of merchandise sold was $6,400 15 Received check for amount due from Peacock Company for sale on July 5 16 Issued credit memo for $1,600 to Loeb Co for merchandise returned from sale on July 14 The cost of the merchandise returned was $900 18 Sold merchandise on account to Jennings Company, $5,600, terms FOB shipping point, 2 10, n 30 Paid $240 for freight and added it to the invoice The cost of merchandise sold was $3,400 24 Received check for amount due from Loeb Co for sale on July 14 less credit memo of July 16 28 Received check for amount due from Jennings Company for sale of July 18 31 Paid Black Lab Delivery Service $2,280 for merchandise delivered during July to customers under shipping terms of FOB destination 31 Received check for amount due from Landscapes Co for sale of July 1 Aug 3 Paid Hays Federal Bank $950 for service fees for handling MasterCard and VISA sales during July 10 Paid $2,670 to state sales tax division for taxes owed on sales Required Journalize the entries to record the transactions of Green Lawn Supplies Co For a compound transaction, if no entry is required, leave the entry box blank

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 18, 2024

eBook Show Me How Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies

eBook

Show Me How

Sales-Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:

July 1.	Sold merchandise on account to Landscapes Co., $16,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,600.
2.	Sold merchandise for $19,600 plus 7% sales tax to retail cash customers. The cost of merchandise sold was $12,700.
5.	Sold merchandise on account to Peacock Company, $33,700, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $21,900.
8.	Sold merchandise for $11,900 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,100.
13.	Sold merchandise to customers who used MasterCard cards, $6,000. The cost of merchandise sold was $3,800.
14.	Sold merchandise on account to Loeb Co., $10,800, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,400.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo for $1,600 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $900.
18.	Sold merchandise on account to Jennings Company, $5,600, terms FOB shipping point, 2/10, n/30. Paid $240 for freight and added it to the invoice. The cost of merchandise sold was $3,400.
24.	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28.	Received check for amount due from Jennings Company for sale of July 18.
31.	Paid Black Lab Delivery Service $2,280 for merchandise delivered during July to customers under shipping terms of FOB destination.
31.	Received check for amount due from Landscapes Co. for sale of July 1.
Aug. 3.	Paid Hays Federal Bank $950 for service fees for handling MasterCard and VISA sales during July
10.	Paid $2,670 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.