Nexl uestion The following transactions occurred between Tucker's Furnishings and VIP Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize these transactions on the books of Tucker's Furnishings, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Tucker's Furnishings purchased $11,000 of merchandise from VIP Furniture Warehouse on account. Terms, 1/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,300. Journal Entry Date Accounts Debit Credit Jul 4 Jul 7: Tucker's Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. Journal Entry Date Accounts Debit Credit Jul 7 Jul 10: Tucker's Furnishings returned $1,400 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $350. Journal Entry Date Accounts Debit Credit Jul 10 Jul 18: Tucker's Furnishings paid $1,200 of the July 4 invoice less the discount. Journal Entry Date Accounts Debit Credit Jul 18 Jul 31: Tucker's Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Date Accounts Debit Credit Jul 31 Requirement 2. Journalize these transactions on the books of VIP Furniture Warehouse, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Tucker's Furnishings purchased $11,000 of merchandise from VIP Furniture Warehouse on account. Terms, 1/15, n/30. FOB shipping point. The goods cost VIP Furniture Warehouse $3,300. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Jul 4. Now journalize the cost of goods sold related to the sale of merchandise on July 4. Journal Entry Date Accounts Debit Credit Jul Jul 10: Tucker's Furnishings returned $1,400 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $350. Start by recording the receivable portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Jul 10 Now journalize the inventory portion of the merchandise return. Journal Entry Date Accounts Debit Credit Jul 10 Jul 18: Tucker's Furnishings paid $1,200 of the July 4 invoice less the discount. Journal Entry Date Accounts Debit Credit Jul 18 Jul 31: Tucker's Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Date Accounts Debit Credit Jul 31 More Info Jul 4 Tucker's Furnishings purchased $11,000 of merchandise from VIP Furniture Warehouse on account. Terms, 1/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,300. 7 Tucker's Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. 10 Tucker's Furnishings returned $1,400 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $350. 18 Tucker's Furnishings paid $1,200 of the July 4 invoice less the discount. 31 Tucker's Furnishings paid the remaining amount owed on the July 4 invoice
