journal the date and debits and credits

example. inventory debit $5000

cash. credit $5000

After reviewing the preceding transactions, begin recording the following transactions. Dec 4 Purchased merchandise on account from Sports and Recreational Supplies Co. Terms is 2/15, net 30 and the invoice price is the last four digit of your Student ID number (e.g., if the last four digit of your Student ID number is 1234, the invoice price is $1,234. If the last four digit of your Student ID number is 0987, the invoice price is $987.) Dec 5 Received payment from Freestyle Company for the 11/21/18 sales invoice #888. (Hint: when you look in the A/R subsidiary ledger to find out the amount of the payment, make sure to look to see if Freestyle company returned any of the goods invoiced on #888. If they did return any goods, the amount of the A/R would be the original invoiced amount minus the returned goods. Make sure to ley Teluarany goo0s, ueramoUnL OF WEAR WOulu ve me original invoiced amount minus the returned goods. Make sure to check for this on future transactions. Also, remember that sales on credit are given terms 2/20, Net 30 (see page 2 in GIAF Case Introduction). You need to determine if payments should be net of a discount). Dec 5 Issued check #599 to Bike Parts Co in payment of 11/26/18 purchase. (Hint: Look in the A/P subsidiary ledger to the left of the name of the company to find the subsidiary account number. Also, look in the A/P subsidiary ledger to find the 11/26 purchase and the amount. DON'T FORGET to check whether GIAF gets a purchase discount for paying within the discount window. You can find the terms in the A/P subsidiary ledger below each company's name. Remember to do this for each purchase), Dec 6 Sold merchandise on account to The Sports Store. Sales invoice number is #897 and the invoice price is the fifth to ninth digit of your Student ID number (e.g., if the fifth to ninth digit of your Student ID number is 18843, the invoice price is $18.843). Dec 7 Issued a credit memo to The Sports Store for sales merchandise returned, $150. This merchandise was originally sold on 12/6/18, on sales invoice #897. Dec 7 Sold merchandise on account to Ed's Bike Shop. $15.239, sales invoice #898. Dec 7 Received payment from Kent Recreation for the 11/28/18 sales invoice #891. (Hint: remember that sales on credit are given terms 2/20, Net 30. You need to determine if payments should be net of a discount. Subsidiary account numbers can be found in the AIR subsidiary ledger Remember to check for this for all payments Dec 8 Issued check #600 to Gears Supply Store in payment of 11/30/18 purchase. (Hint: when you look in the A/P subsidiary ledger to find out the amount for this payment, notice that GIAF returned some of the merchandise originally purchased on 11/30. So the A/P recorded in the payment journal should be the original amount less the returned amount. Make sure to look for this in future transactions) Dec 9 Sold merchandise on account to Target, $8,797, sales invoice #899. Dec 10 Prepared a debit memo to Cruz Co. for merchandise returned in the amount of $616. This merchandise was originally purchased on 12/2/18 Dec 11 Received payment from Target for the 12/9/18 sales invoice #899. Dec 11 Purchased merchandise on account from Bike Parts Co. Invoice price $12,674, terms 2/15, net 30. Dec 12 Issued check #601 to Cruz Co. in payment of 12/2/18 purchase. Dec 12 Prepared a debit memo to Sports and Recreational Supplies Co., for merchandise returned in the amount of $139. This merchandise was originally purchased on 12/4/18. Dec 12 Received payment from The Sports Store for the 11/30/18 sales invoice #894. Dec 13 Issued check #602 to Fix Um Fast in payment of 11/20/18 purchase Dec 13 Issued a credit memo to Ed's Bike Shop for sales merchandise returned, $721. This merchandise was originally sold on 12/7/18, on sales invoice #898. Dec 13 Issued check #603 to Overdale Trucking Company for freight charges of $599 on the 12/4/18 purchase from Sports and Recreational Supplies Co. Dec 14 Issued check #604 to The Water Street Journal in payment of 11/30/18 invoice. Dec 14 Received payment from Huffy Store for the 10/5/18 sales invoice #877 Dec 15 Issued check #605 to Teamsters Local #444, in payment of union dues withheld from November salaries and wages, $151. Dec 15 Issued check #606 to US Treasury, in payment of FICA tax withheld from November salaries and wages as well as the employer's portion of FICA taxes for November salaries and wages, $5,284. Dec 15 Issued check #607 to US Treasury, in payment of federal income tax withheld from November salaries and wages, $3,418. Dec 15 Issued check #608 to the State of Ohio, in payment of state unemployment taxes on November salaries and wages, $814. Dec 16 Received payment from Toys R We for the 12/1/18 sales invoice #895. Dec 16 Sold merchandise on account to Schwinn, $9,546, sales invoice #900. Dec 17 Purchased merchandise on account from American Bicycle Store, invoice price $5,817, terms 1/15, net 30. Dec 17 Prepared a debit memo to Bike Parts Co. for merchandise returned in the amount of $1,025. This merchandise was originally purchased on 12/11/18. Dec 19 Purchased 600 shares of Goodyear Co. Common Stock for $25 per share and issued check #609 in payment to Faithful Investments. The company has determined that the investment should be classified as "available for sale." (Hint: debit an investment account. Use the chart of accounts to figure out which account this is, and don't use common stock). Dec 21 Check #610 is voided because of a typing error. Dec 22 Received payment from Fast on Wheels Store for the 11/15/18 sales invoice #889 Dec 22 Issued a credit memo to Schwinn for sales merchandise returned, $440. This merchandise was originally sold on 12/16/18, on sales invoice #900. Dec 23 Issued check #611 in the amount of $3,700 to FlashCity Office Supplies for store supplies. (Hint: Use the chart of accounts to figure out which account should be used; don't use the purchases account) Dec 23 Purchased merchandise on account from Gear Supply Store. Invoice price $19,463, term 2/15, net 30. Dec 26 Issued check #612 to Allbrite Electric Company for $2,650 for electricity use during the period 12/1/18 - 12/25/18. Dec 28 Sold merchandise on account to Free Style Company, $22,651 sales invoice #901. Dec 29 The October 8 account receivable from Specialized Bike (invoice #878) was determined to be uncollectible and was written off. (Hint: use Allowance for Doubtful Accounts and A/R for this entry). Dec 30 Issued check #613 to R B Smith Insurance Company in payment for a 6-month liability insurance policy (1/1/19 - 6/30/19) for $1,800. Dec 29 The October 8 account receivable from Specialized Bike (invoice #878) was determined to be uncollectible and was written off. (Hint: use Allowance for Doubtful Accounts and A/R for this entry). Dec 30 Issued check #613 to RB Smith Insurance Company in payment for a 6-month liability insurance policy (1/1/19 - 6/30/19) for $1,800. Dec 31 Received an invoice from Jackson Machinery Co. for the purchase of a new delivery truck, invoice amount $29,630, terms net 30. No salvage value was estimated on this truck. Dec 31 The following are the total sales by cash for December. Record the monthly totals of the cash sales and returns in the General Journal. Cash sales $32.734 Sales returns (360) Net cash receipts $29.574