Financial Accounting
Cengage Assignment.pdf x + 000 o File C:/Users/coach/OneDrive/Pictures/Screenshots/Cengage%20Assignment.pdf Not syncing 1 of 5 Q + (L Page view A Read aloud T Add text V Draw Highlight Erase G 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 Sold merchandise on account to Landscapes Co., $16,300, terms FOB shipping point, n/eom. The cost of 1. merchandise sold was $9,800. Sold merchandise for $20,000 plus 5% sales tax to retail cash customers. The cost of merchandise sold 2. was $13,000. 5. Sold merchandise on account to Peacock Company, $35,400, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,000. 8. Sold merchandise for $7,500 plus 6% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $4,500. Sold merchandise to customers who used MasterCard cards, $8,000. The cost of merchandise sold was 13. $5,000. 14. Sold merchandise on account to Loeb Co., $14,100, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,300. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $2,079 to Loeb Co. for damaged merchandise from sale on July 14. Loeb Co. kept the merchandise. 18. Sold merchandise on account to Jennings Company, $5,700, terms FOB shipping point, 2/10, n/30. Paid $330 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 $1,870 for delivery of merchandise in July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. Paid Hays Federal Bank $950 for service fees for handling MasterCard and VISA sales during July. 3. 10. Paid $1,670 to state sales tax division for taxes owed on sales. H Type here to search 46F 6:51 PM 11/14/2021 Cengage Assignment.pdf x + 000 o File C:/Users/coach/OneDrive/Pictures/Screenshots/Cengage%20Assignment.pdf Not syncing 2 of 5 Q + (L Page view A Read aloud T Add text Draw Highlight Erase G Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank. Date Account DebitCredit July 1-sale 1 of 5 11/14/2021, 6:49 PM https://exp.cengage.com/activityservice/run/html5/handler.jsp?id=a0395... Firefox Date Account DebitCredit July 1-cost Date Account DebitCredit July 2-sale Date Account Debit Credit H Type here to search o 46F 6:51 PM 11/14/2021 Cengage Assignment.pdf x + 000 o File C:/Users/coach/OneDrive/Pictures/Screenshots/Cengage%20Assignment.pdf Not syncing 1 of 5 Q + (L Page view A Read aloud T Add text V Draw Highlight Erase G 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 Sold merchandise on account to Landscapes Co., $16,300, terms FOB shipping point, n/eom. The cost of 1. merchandise sold was $9,800. Sold merchandise for $20,000 plus 5% sales tax to retail cash customers. The cost of merchandise sold 2. was $13,000. 5. Sold merchandise on account to Peacock Company, $35,400, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,000. 8. Sold merchandise for $7,500 plus 6% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $4,500. Sold merchandise to customers who used MasterCard cards, $8,000. The cost of merchandise sold was 13. $5,000. 14. Sold merchandise on account to Loeb Co., $14,100, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,300. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $2,079 to Loeb Co. for damaged merchandise from sale on July 14. Loeb Co. kept the merchandise. 18. Sold merchandise on account to Jennings Company, $5,700, terms FOB shipping point, 2/10, n/30. Paid $330 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 $1,870 for delivery of merchandise in July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. Paid Hays Federal Bank $950 for service fees for handling MasterCard and VISA sales during July. 3. 10. Paid $1,670 to state sales tax division for taxes owed on sales. H Type here to search 46F 6:51 PM 11/14/2021 Cengage Assignment.pdf x + 000 o File C:/Users/coach/OneDrive/Pictures/Screenshots/Cengage%20Assignment.pdf Not syncing 2 of 5 Q + (L Page view A Read aloud T Add text Draw Highlight Erase G Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank. Date Account DebitCredit July 1-sale 1 of 5 11/14/2021, 6:49 PM https://exp.cengage.com/activityservice/run/html5/handler.jsp?id=a0395... Firefox Date Account DebitCredit July 1-cost Date Account DebitCredit July 2-sale Date Account Debit Credit H Type here to search o 46F 6:51 PM 11/14/2021
