Number cell Styles eTextbook: Accounting TT Quick Tour Print Search Annotations Accessibility Bookmar Styles f Cash 5. 8 14 13 D Cost of Merchandise Sold Merchandise Inventory 14 15. 15 16. Cash Accounts Receivable - Peacock Company Sold merchandise on account to Peacock Company, 517.500 modest, The merchandise sold was $10,000 Sold merchandise for $112.000 plus 8% sales tax to retail customers who used VISA che cost of mechandise sold was $67,200 Sold merchandise to customers who used MasterCard cards, 596,000. The cost of merchandisole as $57.000 Sold merchandise on account to Loeb Co., 516,000, terms FOB shipping point, 1/10, 10. The cost of methandise sold was $9,000 Received check for amount due from Peacock Company for sale on July 5. Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800 Sold merchandise on account to Jennings Company, 511,350 terms FOB shipping point, 2/10, 1/30 Pad 5475 for freight and added it to the invoice. The cost of merchandise sold was $6,000 Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16 Received check for amount due from Jennings Company for sale of July 18. Paid Black Lab Delivery Service $8,550 for delivery of merchandise in July to customers under shipping terms of FC destination Received check for amount due from Landscapes Co. for sale of July 1 Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during Jay Paid $41,200 to state sales tax division for taxes owed on sales. 18 16 Customer Refunds Payable Accounts Receivable - Loeb Co. 24. 28 16 Merchandise Inventory Estimated Returns Inventory 31 31. 18 Cash Aug 3 10 18 1R 6-2B 100% PR 6-2B. Sales-related transactions using perpetual inventory syste Obj. 2 Excel The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customer July 1. Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping merchandise sold was $20,000. tail cash customers. The Instructions Answers are entered in the cells with gray backgrounds Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry Credit Date July 1 JOURNAL Account Accounts Receivable - Landscapes Co. Sales Debit $33,450 33,450 1 Cost of Merchandise Sold Merchandise Inventory $20,000 20,000
