GL0401 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Griffin'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-Garcia.) Jul 1 Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Thompson Co. for $2,400 under credit terns of 2/10, n/69. FOB shipping point, invoice dated July 2. The merchandise had cost $1,440. Jul 3 Paid $725 cash for freight charges on the purchase of July 1 Jul 8 Sold merchandise that had cost $2,800 for $4,700 cash Jul. 9 Purchased merchandise from Perry Co. for $3,700 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9 Jul. 11 Returned $700 of merchandise purchased on July 9 from Perry Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Thompson Co for the invoice dated July 2, net of the discount Jul 16 Paid the balance due to Garcia Company within the discount period Jul 19 Sold merchandise that cost $2,900 to Brown Co. for 54,200 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of 5000 to Brown Co: for merchandise sold on July 19 and credited Brown's accounts receivable for that amount Jul. 24 Paid Perry Co. the balance due, net of discount. Jul 30 Received the balance due from Brown Co. for the invoice dated July 19, net of discount Jul 31 Sold merchandise that cost $6,000 to Thompson Co: for $10,000 under credit terms of 2/10, n/60, FOB shipping point, Sinvoice dated July 31. shipping General General Schedule of Schedule of Income Requirement Impact on Trial Balance Journal Ledger Receivables Payables Statement Income General Journal tab - Joumalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab. One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. GL0401 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Griffin'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-Garcia.) Jul 1 Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Thompson Co. for $2,400 under credit terns of 2/10, n/69. FOB shipping point, invoice dated July 2. The merchandise had cost $1,440. Jul 3 Paid $725 cash for freight charges on the purchase of July 1 Jul 8 Sold merchandise that had cost $2,800 for $4,700 cash Jul. 9 Purchased merchandise from Perry Co. for $3,700 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9 Jul. 11 Returned $700 of merchandise purchased on July 9 from Perry Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Thompson Co for the invoice dated July 2, net of the discount Jul 16 Paid the balance due to Garcia Company within the discount period Jul 19 Sold merchandise that cost $2,900 to Brown Co. for 54,200 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of 5000 to Brown Co: for merchandise sold on July 19 and credited Brown's accounts receivable for that amount Jul. 24 Paid Perry Co. the balance due, net of discount. Jul 30 Received the balance due from Brown Co. for the invoice dated July 19, net of discount Jul 31 Sold merchandise that cost $6,000 to Thompson Co: for $10,000 under credit terms of 2/10, n/60, FOB shipping point, Sinvoice dated July 31. shipping General General Schedule of Schedule of Income Requirement Impact on Trial Balance Journal Ledger Receivables Payables Statement Income General Journal tab - Joumalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab. One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab
