GL04-01 - Based on Problem 4-1A LO P1, P2
GL04-01 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Taylor's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each recelvable and payable for example, record the purchase on July 1 in Accounts Payable-Walker.) Jul. 1 Purchased merchandise from Walker Company for $8,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1 Jul. 2 Sold merchandise to Perry Co. for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,320 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,6e0 for $4,300 cash Jul. 9 Purchased merchandise from Ryan Co. for $3,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9 Jul. 11 Received a $700 credit memorandum from Ryan Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Perry Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Walker Company within the discount period Jul. 19 Sold merchandise that cost $2,700 to Clinton Co. for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $800 credit memorandum to Clinton Co. for an allowance on goods sold on July 19 Jul. 24 Paid Ryan Co. the balance due, net of discount. Jul. 30 Received the balance due from Clinton Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $5,800 to Perry Co. for $9,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General Trial Balance Receivables Ledger General Schedule of Schedule of Income Requirement Journal Impact on Income The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Taylor's Company Trial Balance July 31, 2017 Account Title Debit Credit Cash Accounts receivable Perry Merchandise inventory Accounts payable - Walker Accounts payable - Ryan Common stock Sales Cost of goods sold otal 29,335 2,200 20,445 8,600 2,800 38,000 6,500 3,920 55,900 S 55,900 GL04-01 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Taylor's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each recelvable and payable for example, record the purchase on July 1 in Accounts Payable-Walker.) Jul. 1 Purchased merchandise from Walker Company for $8,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1 Jul. 2 Sold merchandise to Perry Co. for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,320 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,6e0 for $4,300 cash Jul. 9 Purchased merchandise from Ryan Co. for $3,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9 Jul. 11 Received a $700 credit memorandum from Ryan Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Perry Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Walker Company within the discount period Jul. 19 Sold merchandise that cost $2,700 to Clinton Co. for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $800 credit memorandum to Clinton Co. for an allowance on goods sold on July 19 Jul. 24 Paid Ryan Co. the balance due, net of discount. Jul. 30 Received the balance due from Clinton Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $5,800 to Perry Co. for $9,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General Trial Balance Receivables Ledger General Schedule of Schedule of Income Requirement Journal Impact on Income The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Taylor's Company Trial Balance July 31, 2017 Account Title Debit Credit Cash Accounts receivable Perry Merchandise inventory Accounts payable - Walker Accounts payable - Ryan Common stock Sales Cost of goods sold otal 29,335 2,200 20,445 8,600 2,800 38,000 6,500 3,920 55,900 S 55,900
