help!! all parts!
Prepare journal entries to record the following merchandising transactions of Perez'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-Lee.) July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15,n/30, FOB shipping point, invoice July 2 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,080. July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash. July 9 Purchased nerchandise from Thompson Company for $3,160 under credit terns of 2/15, n/60, foB destination, July 11 Returned $600 of nerchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July 12 Received the balance due from Parker Company for the invoice dated July 2 , net of the discount. July 16 Paid the balance due to Lee Conpany within the discount period. July 19 Sold nerchandise that cost $2,100 to Mitchell company for $3,000 under credit terms of 2/15, n/60, F08 shipping July 21 Gave a price reduction (allowance) of $600 to Mitchell company for merchandise sold on July 19 and credited point, invoice dated July 19. Mitchell's accounts receivable for that amount. July 24 Paid Thompson Company the balance due, net of discount. July 3 Received the balance due from Mitcheli Conpany for the invoice dated July 19, net of discount. July 31 sold nerchandise that cost $5,300 to Parker company for $8,800 under credit terms of 2/10, n/60, F08 shipping point, invoice dated July 31 . Rectuirement General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable 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. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each uly 30 Received the balance due from Mitchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,300 to Parker Company for $8,800 under credit terms of 2/10, n/60, F0B point, invoice dated Juty 31 . 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 fournal entries that affected that account to ensure that the joumal entries are correct. Mitchell's accounts receivable for that amount. July 24 Paid Thompson Company the balance due, net of discount. July 30 Received the balance due from Mitchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,300 to Parker Company for $8,800 under credit terms of 2/10, n/60, F0B 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. July 16 Paid the balance due to Lee Company within the discount period. July 19 Sold merchandise that cost $2,100 to Mitchell Company for $3,000 under credit terms of 2/15, n/60, F0B point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $600 to Mitchell Company for merchandise sold on July 19 and cr Mitchell's accounts receivable for that amount. July 24 Paid Thompson Company the balance due, net of discount. July 30 Received the balance due from Mitchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,300 to Parker Company for $8,800 under credit terms of 2/10, n/60, F0B shi point, invoice dated July 31 . No input required
