Journal Entries for Merchandise TransactionsPerpetual System

Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used.

Aug.	1	Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
	5	Paid freight on shipment from Norris, Inc., $220.
	7	Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
	7	Paid $300 freight on August 7 shipment and billed Denton for the charges.
	9	Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
	9	Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
	10	Paid Norris, Inc., the amount due.
	14	Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
	15	Paid freight on shipment from Chambers, Inc., $320.
	17	Received the amount due from Denton Corporation.
	18	Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
	20	Paid $350 freight on August 18 shipment and billed Weber for the charges.
	24	Paid Chambers, Inc., the amount due.
	28	Received the amount due from Weber, Inc.

Required

Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.

GENERAL JOURNAL
Date		Description	Debit	Credit
Aug.	1	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	$Answer	$Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Purchases from Norris, Inc., 2/10, n/30.
	5	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Paid freight on Norris, Inc., shipment.
	7	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Sales to Denton Corporation.
	7	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Cost of goods sold to Denton Corporation.
	7	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Paid freight on shipment to Denton Corporation and billed Denton.
	9	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Returned goods to Norris, Inc.
	9	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Issued credit memo to Denton for goods returned.
	9	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Cost of goods returned by Denton Corporation.
	10	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Cash	Answer	Answer
		Paid Norris, Inc., the amount due.
	14	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Purchases from Chambers, Inc., 1/10, n/30.
	15	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Paid freight on Chambers shipment.
	17	Cash	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Received amount due from Denton Corporation.
	18	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Sales to Weber, Inc.
	18	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Cost of goods sold to Weber, Inc.
	20	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Paid freight on shipment to Weber, Inc., and billed Weber.
	24	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Cash	Answer	Answer
		Paid Chambers, Inc., the amount due.
	28	Cash	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldInventorySales RevenueSales Returns and AllowancesSales Discounts	Answer	Answer
		Received amount due from Weber, Inc.

Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used Aug. 1 Purchased merchandise from Norris, Inc.,$4,000, terms 2/10, n/30 Paid freight on shipment from Norris, Inc., $220 7 Sold merchandise to Denton Corporation, $5,500 ($4,100 cost). 7 Paid $300 freight on August 7 shipment and billed Denton for the charges. Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return. 9 Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. 14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30. 15 Paid freight on shipment from Chambers, Inc., $320. 17 Received the amount due from Denton Corporation. 18 Sold merchandise to Weber, Inc., $9,600 ($6,600 cost). 20 Paid $350 freight on August 18 shipment and billed Weber for the charges. 24 Paid Chambers, Inc., the amount due. 28 Received the amount due from Weber, Inc. Required Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar. GENERAL JOURNAL Date Description Debit Credit Aug. 1 Purchases from Norris, Inc., 2/10, n/30. Paid freight on Norris, Inc.,, shipment. Sales to Denton Corporation. Cost of goods sold to Denton Corporation. Paid freight on shipment to Denton Corporation and billed Denton. Returned goods to Norris, Inc. ssued credit memo to Denton for goods returned. Cost of goods returned by Denton Corporation. 10 Cash Paid Norris, Inc., the amount due. 14 Purchases from Chambers, Inc., 1/10, n/30. 15 Paid freight on Chambers shipment. 15 Paid freight on Chambers shipment. 17 Cash Received amount due from Denton Corporation. 18 Sales to Weber, Inc. 18 Cost of goods sold to Weber, Inc. 20 Paid freight on shipment to Weber, Inc., and billed Weber. 24 Cash Paid Chambers, Inc., the amount due. 20 Paid freight on shipment to Weber, Inc., and billed Weber. 24 Cash Paid Chambers, Inc., the amount due. 28 Cash Received amount due from Weber, Inc