GLO4-01- Based on Problem 4-1A Cabela's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Cabela'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-Boden.) credit terms of 1/15, n/30, FOB shipping point, Jul. 1 Purchased merchandise from Boden Company for $6,000 under invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500 3 Paid $125 cash for freight charges on the purchase of July 1 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, Jul. Jul Jul. invoice Jul Jul. 11 Received $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Boden Company within the discount period. for $1,200 under credit terms of 2/15, n/60, FOB shipping point , Jul. 19 Sold merchandise that cost $800 to invoice dated July 19. Art Co. Jul. 21 Is sued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19. Jul. 24 Paid Leight Co. the balance due, net of discount. Jul. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General General Schedule of Receivables Schedule of Income Impact on Income Requirement Trial Balance Journal Ledger Payables Statement Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Schedule of Receivables Schedule of General General Income Impact on Requirement Trial Balance Journal Ledger Payables Statement Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. No Date Account Title Debit Credit Merchandise inventory 1 Jul 01 6.000 Accounts payable Boden 6,000 900 2 Jul 02 Accounts receivable Creek 900 Sales 500 3 Jul 02 Cost of goods sold Merchandise inventory 500 125 Merchandise inventory Jul 03 125 Cash 5 Jul 08 Cash 1,700 Sales 1,700 1,300 6 Jul 08 Cost of goods sold Merchandise inventory 1,300 Merchandise inventory 7 Jul 09 2,200 Accounts payable Leight 2,200 Accounts payable Leight 200 8 Jul 11 200 Merchandise inventory 882 Jul 12 Cash Sales discounts 18 900 Accounts receivable Creek Accounts payable Boden 10 Jul 16 6,000 5,940 Cash 60 Merchandise inventory 11 Jul 19 Accounts receivable Art 1,200 Sales 1,200 800 Cost of goods sold Jul 19 800 Merchandise inventory 13 Jul 21 Sales returns and allowances 100 Accounts receivable Art 100 Accounts payable Leight 14 Jul 24 2,000 Cash 1,960 40 Merchandise inventory 1,470 (X 15 Jul 30 Cash 30x Sales discounts 1,500x Accounts receivable - Art Accounts receivable Creek 7,000 Jul 31 16 12 invoice dated July 19. Jul. 21 Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount. Jul. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General Journal Schedule of General Schedule of Income Impact on Requirement Trial Balance Statement Ledger Receivables Payables Income Prepare a multiple-step income statement through the calculation of gross profit. Cabela's Company Partial Income Statement For the Month Ended July 31, 2017 $ 0 0 0 0 C 0 0 Schedule of Payables Impact on Income Jul. 11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Boden Company within the discount period. Jul. 19 Sold merchandise that cost $800 to Art Co. terms of 2/15, n/60, FOB shipping point, for $1,200 under credit invoice dated July 19. Jul. 21 Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19. Jul. 24 Paid Leight Co. the balance due, net of discount. Jul 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $4,800 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General Ledger Schedule of Schedule of General Income Impact on Trial Balance Requirement Journal Receivables Payables Statement Income No input required Dates: Jul 01 to: Jul 31 Cabela's Company Schedule of Accounts Payable $ Accounts payable Art 0 Accounts payable Boden 0 Accounts payable Creek 0 Accounts payable Leight 0 0 Total accounts payable 0 Schedule of Receivables Income Statement
