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More info 201X Apr. 2 4 4 10 11 Purchased merchandise on account from Beech Suppliers, $3,500; terms 2/10, n/30. Sold merchandise on account, $520;
More info 201X Apr. 2 4 4 10 11 Purchased merchandise on account from Beech Suppliers, $3,500; terms 2/10, n/30. Sold merchandise on account, $520; terms 2/10, n/30. The cost of the merchandise sold was $260. Received credit from Beech Suppliers for merchandise returned, $160. Received collection in full, less discounts, from April 4 sales. Paid Beech Suppliers in full, less discount. 14 Purchased store equipment for cash, $290. 15 Purchased $1,700 of merchandise from Soucy Distribution for cash. 16 17 18 21 22 25 26 25 Received a refund due to defective merchandise from supplier on cash purchase of $80. Purchased merchandise on account from Tustin Corp., $3,700, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on April 21. Sold merchandise for $2,700 cash; the cost of merchandise sold was $1,650. Paid freight on April 17 purchase, $130. Purchased merchandise on account from Oak Co., $1,040, F.O.B. destination (seller pays freight): terms 2/10, n/30. Paid Tustin Corp. in full, less discount. 27 Made refunds to cash customers for defective toys, $190. The cost of the defective toys was $100. I More info Cash 101; Accounts Receivable 112; Merchandise Inventory 120; Store Equipment 124; Accounts Payable 201; J. Jeanne, Capital 301; Sales 401; Sales Discounts 412; Sales Returns and Allowances 414; Cost of Goods Sold 501. Print Done April 2: Purchased merchandise on account from Beech Suppliers, $3,500; terms 2/10, n/30. Journal Entry Date Accounts Apr. 2 PR PR Dr. Cr. April 4: Sold merchandise on account, $520; terms 2/10, n/30. The cost of the merchandise sold was $260. Begin by journalizing the sale. (Do not record the expense related to the sale. We will do that in the following step.) Date Apr. 4 Journal Entry Accounts PR Dr. Cr. Now journalize the cost of the merchandise sold. Date Apr. Journal Entry Accounts HE PR Dr. April 4: Received credit from Beech Suppliers for merchandise returned, $160. Date Apr. 4 Journal Entry Accounts PR Dr. Cr. 19 Cr. April 10: Received collections in full, less discounts, from April 4 sales. Journal Entry Date Accounts PR Dr. Cr. Apr. 10 April 11: Paid Beech Suppliers in full, less discount. (Round to the nearest whole dollar as reded.) Date Apr. 11 Journal Entry Accounts PR Dr. Cr. April 14: Purchased store equipment for cash, $290. Journal Entry Date Accounts PR Dr. Cr. Apr. 14 April 15: Purchased $1,700 of merchandise from Soucy Distribution for cash. Date Apr. 15 Journal Entry Accounts PR Dr. Cr. April 16: Received a refund due to defective merchandise from supplier on cash purchase of $80. Journal Entry Date Accounts PR Dr. Cr. Apr. 16 April 17: Purchased merchandise on account from Tustin Corp., $3,700, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on April 21. Date Apr. 17 Journal Entry Accounts PR Dr. Cr. April 18: Sold merchandise for $2,700 cash; the cost of merchandise sold was $1,650. 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. Apr. 18 Now journalize the cost of the merchandise sold. Date Apr. 18 Journal Entry Accounts PR Dr. 40 Cr. April 21: Paid freight on April 17 purchase, $130. Journal Entry Date Accounts Apr. 21 PR PR Dr. Cr. April 25: Purchased merchandise on account from Oak Co., $1,040, F.O.B. destination (seller pays freight); terms 2/10, n/30. Date Apr. 25 Journal Entry Accounts PR Dr. Cr. April 26: Paid Tustin Corp. in full, less discount. Journal Entry Date Accounts Apr. 26 HE PR Dr. Cr. April 27: Made refunds to cash customers for defective toys, $190. The cost of the defective toys was $100. Begin by journalizing the refund. (Do not record the cost related to the refund. We will do that in the following step.) Date Apr. 27 Journal Entry PR Dr. Cr. Accounts Now journalize the cost of the defective toys. Date Apr. 27 Journal Entry Accounts PR Dr. 20 Cr
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