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 receivable and payable for example, record the purchase on July 1 in Accounts Payable-Walker.) Jul. 1 Purchased merchandise from Walker Company for $8,6e0 under credit terms of 1/15, n/3e, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Perry Co. for $2,200 under credit terms of 2/10, n/6e, 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 $2,60e for $4, 300 cash. Jul. 9 Purchased merchandise from Ryan Co. for $3,5ee 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/6e, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $8e0 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 2/1e, n/6e, FOB shipping point, invoice dated July 31 General Journal General Ledger Schedule of Trial BalanceReceivables Schedule of Payables Impact on Income Requirement Statement Prepare a multiple-step income statement through the calculation of gross profit. aylor's ompany Partial Income Statement For the Month Ended July 31, 2017