Jones Furniture Company engaged in the following transactions during June of the current year: (Click the icon view the transactions.) Required 1. Joumalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? Requirement 1. Journalize the preceding transactions on the books Jones Furniture Company. Assume the company uses the perpetual inventory system. We begin with the purchase of inventory for cash on June 2nd. Purchased inventory for cash, $26,000, less a quantity discount of $3,656. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Jun. June 5. Purchased store supplies on credit terms of net eom, S4,000. Journal Entry Accounts Date Debit Credit Jun. June 8. Purchased inventory of $56,000 less a quantity discount of 8 percent plus freight charges of $3,600. Credit terms are 3/15, /30. Choose from any list or enter any number in the input fields and then continue to the next question. X More Info Jun. 2 Purchased inventory for cash, $26,000, less a quantity discount of $3,656. 5 Purchased store supplies on credit terms of net eom, $4,000. 8 Purchased inventory of $56,000 less a quantity discount of 8 percent, plus freight charges of $3,600. Credit terms are 3/15, n/30. 9 Sold goods for cash, $35,000. Jones's cost of these goods was $14,500. 11 Returned $2,400 (net amount after the quantity discount) of the inventory purchased on June 8. It was damaged in shipment. 12 Purchased inventory on credit terms of 3/10, n/30, $62,000. 14 Sold inventory on credit terms of 2/10, n/30, for $156,000, less a $15,600 quantity discount (cost, $99,000). 16 Received and paid the electricity bill, $3,600. 20 Received returned inventory from the June 14 sale, $6,600 (net amount after the quantity discount). Jones shipped the wrong goods by mistake. Jones's cost of the inventory received was $4,600. 21 Paid supplier for goods purchased on June 8 less the discount and the return. Freight costs are not subject to purchase discounts. 23 Received $97,020 cash in partial settlement of the account from the customer who purchased inventory on June 14. Granted the customer a 1 percent discount and credited the customer's account receivable for $98,000. 30 Paid for the store supplies purchased on June 5. Print Done Jones Furniture Company engaged in the following transactions during June of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? June 8. Purchased inventory of $56,000 less a quantity discount of 8 percent, plus freight charges of $3,600. Credit terms are 3/15, n/30. Journal Entry Date Accounts Debit Credit Jun. The June 9th transaction requires two entries. Sold goods for cash, $35,000. Jones's cost of these goods was $14,500. Let's enter the sale first. Journal Entry Date Accounts Debit Credit Jun. The second entry for the transaction of June 9th records the effect on inventory. Let's enter that now. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Jones Furniture Company engaged in the following transactions during June of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? The second entry for the transaction of June 9th records the effect on inventory. Let's enter that now. Journal Entry Date Accounts Debit Credit Jun. June 11. Returned $2,400 (net amount after the quantity discount) of the inventory purchased on June 8. It was damaged in shipment. Journal Entry Date Accounts Debit Credit Jun. June 12. Purchased inventory on credit terms of 3/10, n/30, $62,000. Journal Entry Date Accounts Debit Credit Jones Furniture Company engaged in the following transactions during June of the current year: Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? June 14. Sold inventory on credit terms of 2/10. n/30, for $156,000, less a $15,600 quantity discount (cost, 599,000). This transaction requires us to make two journal entries. Let's enter the sales transaction first. Journal Entry Date Accounts Debit Credit Jun. Now, we can enter the cost of goods sold transaction of June 14th. Journal Entry Date Accounts Debit Credit Jun June 16th. Received and paid the electricity bill, $3,600. Record the payment of utilities. Journal Entry Accounts Date Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Jones Furniture Company engaged in the following transactions during June of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Fumiture Company. Assume the company uses the perpetual Inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? The transaction of June 20th requires two entries. Received returned inventory from the June 14 sale, $6,600 (net amount after the quantity discount). Jones shipped the wrong goods by mistake. Jones's cost of the inventory received was $4,600. Let's enter the adjustment to the customer's account receivable now. Joumal Entry Accounts Date Debit Credit Jun. Now, enter the adjustment to the cost of goods sold account for the return of inventory from the customer. Journal Entry Date Accounts Debit Credit Jun June 21. Paid supplier for goods purchased on June 8 less the discount and the retum. Enter the payment for purchases now. (Round your answers to the nearest whole dollar.) Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Jones Furniture Company engaged in the following transactions during June of the current year. A (Click the icon to view the transactions.) Required 1. Joumalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory system. 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? June 23. Received $97,020 cash in partial settlement of the account from the customer who purchased inventory on June 14. Granted the customer a 1 percent discount and credited the customer's account receivable for $98.000. Journal Entry Date Accounts Debit Credit Jun. June 30. Paid for the store supplies purchased on June 5. Journal Entry Accounts Date Debit Credit Jun. Requirement 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory on June 30? The balance in inventory on June 30 was June 23. Received $97,020 cash in partial settlement of the account from the customer who purchased inve Date Debit Credit Accounts Payable Accounts Receivable Jun. Cash Cost of Goods Sold Inventory Sales Discounts June 30. Paid for the Sales Returns and Allowances Sales Revenue Store Supplies Date Utilities Expense Debit Credit Jun. Requirement 2. Suppose the balance in inventory was $55,000 on June 1. What is the balance in inventory The balance in inventory on June 30 was