Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit columns provided and the dollar

image text in transcribed
image text in transcribed
image text in transcribed
Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit columns provided and the dollar amounts pertaining to each account in the adjoining columns 1. Cash 2. Accounts Receivable 3. Notes Receivable 4. Merchandise Inventory 5. Office Supplies 6. Land 7. Accounts Payable 8. Sales Returns and Allowances 9. Sales Discounts 10. Sales 11. Cost of Goods Sold 12. Freight-out Entry Information Account(s) Amounts Debited Credited Debited Credited $300 $300 S3 0 0. Aug. 1 Sold merchandise for cash $300. The cost of the merchandise sold was $200. do O 1. Aug. 2 Purchased merchandise from ABC Co. on account for $5.000 terms 2/10, n/30. 2. Aug. 4 Sold excess land for $7,000 accepting a 2-year, 12% note. The land was purchased for $7,000 last year 3. Aug. 6 Sold merchandise to D. Riley on account for $830, terms 2/10, n/30. The merchandise sold cost $600. Styles 4. Aug. 8 Accepted a sales return of defective merchandise from D. Riley-credit granted was $280. The returned merchandise cost $200. 5. Aug. 11 Purchased merchandise from Tanner Hardware on account for $2,000; terms 1/10, n/30. 6. Aug. 12 Paid freight of $200 on the shipment from ABC Co. per the shipping terms. 7. Aug. 15 Received payment in full from D Riley 8. Aug. 19 Paid ABC Co. in full. 9. Aug. 20 Paid Tanner Hardware in full. 10. Aug. 27 Purchased office supplies for $250 cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Auditing Research Tools And Strategies

Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk

10th Edition

1119698138, 9781119698135

More Books

Students also viewed these Accounting questions