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In July, the following transactions were completed. All purchases and sales of merchandise were on account. The cost of all merchandise sold was 70% of
In July, the following transactions were completed. All purchases and sales of merchandise were on account. The cost of all merchandise sold was 70% of the sales price. Purchased merchandise from Eby Company $8,160. July 1 2 3 5 8 13 15 16 18 21 22 24 Received freight bill from Shaw Shipping on Eby purchase $380. Made sales to Fort Company $1,400 and to Hefner Bros. $1,740. Purchased merchandise from Getz Company $3,250. Received credit on merchandise returned to Getz Company $340. Purchased store supplies from Dayne Supply 5680. Purchased merchandise from Eby Company $3.630 and from Bosco Company $4,400. Made sales to Aybar Company 53,850 and to Hefner Bros. $1,530, Received bill for advertising from Welton Advertisements 5580. Sales were made to Fort Company $230 and to Duncan Company $3.360. Granted allowance to Fort Company for merchandise damaged in shipment S30. Purchased merchandise from Getz Company $2,930. Purchased equipment from Dayne Supply $880. Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. Sales were made to Aybar Company $5,850 26 28 30 Post to both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.). (Post entries In the order of entries presented in the previous part.) General Ledger Accounts Receivable Date Explanation Ref. No. 112 Balance Debit Credit Si GI Inventory Date Explanation No. 120 Balance Ref. Debit Credit P1 G1 51 Supplies Date No. 126 Balance Explanation Ref. Debit Credit
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