I need all of the entries completed.
General Journal
General Ledger
Trial Balance
Schedule of Receivables
Schedule of Payables
Income Statement
Impact on Income
Prepare journal entries to record the following merchandising transactions of Knight'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-Hall.) July 1 Purchased merchandise from Hall Company for $10,200 under credit terms of 1/15, n/30, F0B shipping point, invoice dated July 1. July 2 Sold merchandise to Walker Company for $3,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,800. July 3 Paid $965 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,500 for $5,900 cash. July 9 Purchased merchandise from Brown Company for $4,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Brown Company and debited its account payable for that amount. July 12 Received the balance due from Walker Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Hall Company within the discount period. July 19 Sold merchandise that cost $3,800 to Wilson Company for $5,400 under credit terms of 2/15, n/60, F0B shipping point, invoice dated July 19 . July 21 Gave a price reduction (allowance) of $1,100 to Wilson Company for merchandise sold on July 19 and credited Wilson's accounts receivable for that amount. July 24 Paid Brown Company the balance due, net of discount. July 30 Received the balance due from Wilson Company for the invoice dated July 19 , net of discount. July 31 Sold merchandise that cost $6,700 to Walker Company for $11,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Prepare journal entries to record the following merchandising transactions of Knight'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-Hall.) July 1 Purchased merchandise from Hall Company for $10,200 under credit terms of 1/15, n/30, F0B shipping point, invoice dated July 1. July 2 Sold merchandise to Walker Company for $3,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,800. July 3 Paid $965 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,500 for $5,900 cash. July 9 Purchased merchandise from Brown Company for $4,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Brown Company and debited its account payable for that amount. July 12 Received the balance due from Walker Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Hall Company within the discount period. July 19 Sold merchandise that cost $3,800 to Wilson Company for $5,400 under credit terms of 2/15, n/60, F0B shipping point, invoice dated July 19 . July 21 Gave a price reduction (allowance) of $1,100 to Wilson Company for merchandise sold on July 19 and credited Wilson's accounts receivable for that amount. July 24 Paid Brown Company the balance due, net of discount. July 30 Received the balance due from Wilson Company for the invoice dated July 19 , net of discount. July 31 Sold merchandise that cost $6,700 to Walker Company for $11,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries
