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Merchandising Transactions Jan. 18 Happy Camper Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the
Merchandising Transactions Jan. 18 Happy Camper Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $20 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14 , less the allowance and discount. Jan. 21 Sold 90 T-shirts on account for $16 each, total cost of $652. Terms 4/20,n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 340 T-shirts on account at $8 each. Terms 3/10,n/30,FOB shipping point. Jan. 27 Paid freight associated with the January 25 purchase, $34. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 200 T-shirts on account for $16 each, total cost of $1,247. Terms 2/10,n/30. Jan. 31 Received payment for the T-shirts sold on January 30 , less discount. Requirement 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. Begin by joumalzing the non-merchandising January transactions. Omit explanations. (Record debits first, then credits. Exclude explanations from any joumal entries.) Inn. 2: Collocted $4,400 on acoount Jan, 18: Rented canoes and recelved cash, $2,200. Jan. 23: Paid various accounts payable, $900. Jan. 30: Paid employee, $1,400. Jan. 30: Paid employee, $1,400. Accounts Payable on local lakes Accounts Receivable Accumulated Depreciation-Building , carry and setual inventor any completed the ledger Accumulated Depreciation-Canoes Building Canoe Rental Revenue Canoes Cash Cost of Goods Sold Debit Depreciation Expense-Building Depreciation Expense-Canoes Estimated Returns Inventory Income Summary Income Summary Interest Expense Interest Payable Land Merchandise Inventory Notes Payable Office Supplies Prepaid Rent Refunds Payagle Rent Expense Sales Revenue Supplies Expense Telephone Expense Telephone Payable Paid em
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