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Fashion Standards is a retail clothing store. Sales of merchandise and purchases of goods on account for January 2 0 X 1 , the first
Fashion Standards is a retail clothing store. Sales of merchandise and purchases of goods on account for January X the first month of operations, appear below.
INSTRUCTIONS
Record the purchases of goods on account in the threecolumn purchases journal.
Record the sales of merchandise on account in a sales journal.
Post the entries from the purchases journal and the sales journal to the individual accounts in the accounts payable and accounts receivable subsidiary ledgers. Use the following account numbers:
Accounts Receivable
Accounts Payable
Sales Tax Payable
Sales
Purchases
Freight In
All customers have n credit terms.
Total and prove the journals as of January
Post the column totals from the special journals to the proper general ledger accounts.
Prepare a schedule of accounts payable for January
Prepare a schedule of accounts receivable for January
PURCHASES OF GOODS ON ACCOUNT
Jan. Purchased dresses for $ plus a freight charge of $ from Fashion Expo, Invoice dated December ; the terms are net days.
Purchased handbags for $ plus a freight charge of $ from Tru Totes & Co Invoice dated December ; the terms are n
Purchased blouses for $ plus a freight charge of $ from Extreme Fashions, Invoice dated January ; the terms are n
Purchased casual pants for $ from Comfy Casuals, Invoice dated January ; terms are n
Purchased business suits for $ plus a freight charge of $ from Professional Wears, Invoice dated January ; the terms are n
Purchased shoes for $ plus freight of $ from City Walks, Invoice dated January ; the terms are n
Purchased hosiery for $ from Silky Legs Express, Invoice dated January ; the terms are n
Purchased scarves and gloves for $ from Comfy Casuals, Invoice dated January ; the terms are n
Purchased party dresses for $ plus a freight charge of $ from Special Occasions Dress Shop, Invoice dated January ; the terms are n
SALES OF MERCHANDISE ON ACCOUNT
Jan. Sold two dresses to Vivian Cho; issued Sales Slip for $ plus $ sales tax.
Sold a handbag to Dina Bates; issued Sales Slip for $ plus $ sales tax.
Sold four blouses to Julia Adams; issued Sales Slip for $ plus $ sales tax.
Sold casual pants and a blouse to Cheryl Scott; issued Sales Slip for $ plus $ sales tax.
Sold a business suit to Alleen De Revere; issued Sales Slip for $ plus $ sales tax.
Sold hosiery, shoes, and gloves to Sasha Ramirez; issued Sales Slip for $ plus $ sales tax.
Sold dresses and scarves to Elaine Patterson; issued Sales Slip for $ plus $ sales tax.
Sold a business suit to Andrea Aguilar; issued Sales Slip for $ plus $ sales tax.
Sold shoes to Tracy Mai; issued Sales Slip for $ plus $ sales tax.
Sold a casual pants set to Toni Garcia; issued Sales Slip for $ plus $ sales tax.
Sold a dress and handbag to Linda Martin; issued Sales Slip for $ plus $ sales tax.
Analyze:
What is the net delivered cost of purchases for the month of January?
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