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July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold
July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. General General Schedule c Requirement Trial Balance Journal Ledger Receivable No input required Turner's Company Schedule of Accounts Payable Accounts payable - Garcia Accounts payable - Griffin Accounts payable - Wilson Accounts payable - Lee. Total accounts payable $ 0 0 0 0 0 69 $ 0 General Requirement Journal General Ledger Trial Balance Schedule of Schedule of Receivables Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if a Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount report the partial income statement. July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Impact on income Increase (decrease) to income July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Garcia Company was $3,900. July 21) Issued a $1,100 credit memorandum to Garcia Company for an allowance on goods sold on July 19. July 24) Paid Lee Company the balance due, net of discount. July 30) Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31) Sold merchandise to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Wilson Company was $6,800. Total gross profit $ 0
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