Question
Journalize the following transactions. Assume a perpetual inventory system. LOADING... (Click the icon to view the transactions.) Part 2 (Record debits first, then credits. Exclude
Journalize the following transactions. Assume a perpetual inventory system.
LOADING...
(Click the icon to view the transactions.)
Part 2
(Record debits first, then credits. Exclude explanations from journal entries.)
Question content area bottom
Part 1
July 8: Sold merchandise on account,
$620,
to
Ring
Co.; terms
2/10,
n/30. Cost of merchandise was
$350.
Begin by journalizing the sale. (Do not record the expense related to the sale. We will do that in the following step.)
Journal Entry | |||||
Date | Accounts | PR | Dr. | Cr. | |
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Jul. 8 |
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Part 2
Now journalize the cost of the merchandise sold.
Journal Entry | |||||
Date | Accounts | PR | Dr. | Cr. | |
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Jul. 8 |
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Part 3
July 12: Purchased office equipment on account from
TRE
Co.,
$1,900.
Journal Entry | |||||
Date | Accounts | PR | Dr. | Cr. | |
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Jul. 12 |
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Part 4
July 13: Made refunds to cash customers,
$250,
for defective merchandise. The cost of defective merchandise was
$40.
Start by journalizing the refund. (Do not record the expense related to the refund. We will do that in the following step.)
Journal Entry | |||||
Date | Accounts | PR | Dr. | Cr. | |
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Jul. 13 |
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Part 5
Now journalize the cost of defective merchandise.
Journal Entry | |||||
Date | Accounts | PR | Dr. | Cr. | |
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Jul. 13 |
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