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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
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., $3,880, terms 2/10, n/30. |
5 | Paid freight on shipment from Norris, Inc., $200. | |
7 | Sold merchandise to Denton Corporation, $5,200 ($3,800 cost). | |
7 | Paid $280 freight on August 7 shipment and billed Denton for the charges. | |
9 | Returned $680 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return. | |
9 | Received $1,200 of returned merchandise ($1,000 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 $8,400. 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., $10,000 ($7,000 cost). | |
20 | Paid $360 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. |
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