im not ahre how to solve the ones i got wrong
Return to question 1 GL0401 - Based on Problem 4-1A LO P1, P2 15 points Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identity each receivable and payable for example, record the purchase on July 1 in Accounts Payable Griffin) u. 1 Purchased merchandise from Griftin Company for $10,4 under credit terms of 1/15, W30, FB shipping point, Invoice dated Jul.2 Sold marchandise to Wilson Co. for $3,30 under credit terus of 2/18, 1/60; ro shipping point, Invoice dated July 2. The . Jul. 3 Paid $1,005 cash for freight charges on the purchase of July 1. Jul 8 Sold merchandise that had cost $3,700 for 56,100 cash. Jul. Purchased merchandise from Lee Co. for $4,400 under credit terms of 2/15, 1/60, FOB destination. Invoice dated July 9. Jul. 11 Returned 1900 of merchandise purchased on July 9 from Lee Co, and debited its account payable for that amount. Jul. 12 Received the balance due from Wilson Co. for the invoice dated July 2, net of the discount Jul 16 Paid the balance due to Griffin Company within the discount period. Jul 19 Sold merchandise that cost $3,900 to Garcia Co. for $5.00 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. Jul 21 Gave price reduction Callowance) of $1,100 to Garcia Co. for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount Jul. 24 Paid Lee Co. the balance due, net of discount Jul38 Received the balance due from Garcia Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $6,000 to Wilson Co. for $11,400 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 31 Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and 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 Debit Credit 1 Jul 01 Account Title Merchandise inventory Accounts payable Griffin 10,400 O 10,400 2 Jul 02 3,100 Accounts receivable - Wilson Sales 3,100 3 Jul 02 1,860 Cost of goods sold Merchandise inventory 1,860 4 Jul 03 0 1,005 Merchandise inventory Cash 1,005 5 Jul 08 > Cash Sales 6,100 6,100 6 Jul 08 Cost of goods sold Merchandise inventory 3,700 3,700 7 Jul 09 4,400 Merchandise inventory Accounts payable - Lee >> 4,400 8 Jul 11 Accounts payable - Lee > 900 > Merchandise inventory 900 9 Jul 12 Cash Sales discounts Accounts receivable - Wilson 3,038 62 3,100 10 Jul 16 Accounts payable - Griffin Cash Merchandise inventory 10,400 10,088 312 11 Jul 19 5,600 Accounts receivable - Garcia Sales 5,600 12 Jul 19 3,900 Cost of goods sold Merchandise inventory 3,900 13 Jul 21 1,100 Sales returns and allowances Accounts receivable - Garcia 1,100 14 Jul 24 3,500 Accounts payable - Lee Cash Merchandise inventory 3,430 70 15 Jul 30 Cash 2.744 56 O Sales discounts Accounts receivable - Garcia 2.800 X
