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.) 6 6 Dul. 1 Purchased merchandise from Walker Company for $8,60 under credit terms of 1/15, n/3e, FOB shipping point, invoice dated July 1 2 point, invoice dated July 2. The merchandise had cost $1,320 ul. 3 Paid $645 cash for freight charges on the purchase of July 1 ul. 8 Sold merchandise that had cost $2,600 for $4, 30e cash destination, invoice dated July 9 ul. 11 Received a $70e credit memorandum from Ryan Co. for the return of part of the merchandise purchased on July 9 Dul. 12 Received the balance due from Perry Co. for the invoice dated July 2, net of the discount ul. 16 Paid the balance due to Walker Company within the discount period ul. 19 sold merchandise that cost $2,700 to Clinton Co. for $3,see under credit terms of 2/15, n/6e, FOB shipping point, invoice dated July 19 ul. 21 Issued a $800 credit memorandum to clinton Co. for an allowance on goods sold on July 19 ul. 24 Paid Ryan Co. the balance due, net of discount ul. 30 Received the balance due from Clinton Co. for the invoice dated July 19, net of discount FOB shipping point, invoice dated July 31 Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Debit Debit 2 200 645 Debit Debit Debit Debit 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.) 6 6 Dul. 1 Purchased merchandise from Walker Company for $8,60 under credit terms of 1/15, n/3e, FOB shipping point, invoice dated July 1 2 point, invoice dated July 2. The merchandise had cost $1,320 ul. 3 Paid $645 cash for freight charges on the purchase of July 1 ul. 8 Sold merchandise that had cost $2,600 for $4, 30e cash destination, invoice dated July 9 ul. 11 Received a $70e credit memorandum from Ryan Co. for the return of part of the merchandise purchased on July 9 Dul. 12 Received the balance due from Perry Co. for the invoice dated July 2, net of the discount ul. 16 Paid the balance due to Walker Company within the discount period ul. 19 sold merchandise that cost $2,700 to Clinton Co. for $3,see under credit terms of 2/15, n/6e, FOB shipping point, invoice dated July 19 ul. 21 Issued a $800 credit memorandum to clinton Co. for an allowance on goods sold on July 19 ul. 24 Paid Ryan Co. the balance due, net of discount ul. 30 Received the balance due from Clinton Co. for the invoice dated July 19, net of discount FOB shipping point, invoice dated July 31 Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Debit Debit 2 200 645 Debit Debit Debit Debit
