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Old MathJax webview The chart of accounts of Oriole Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales
Old MathJax webview
The chart of accounts of Oriole Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price Purchased merchandise from Eby Company $ 8,120. July 1 2. Received freight bill from Shaw Shipping on Eby purchase $400. 3 Made sales to Fort Company $1,570 and to Hefner Bros. $1,720. 5 Purchased merchandise from Getz Company $ 3,280. 8 Received credit on merchandise returned to Getz Company $320. 13 Purchased store supplies from Dayne Supply $ 720 15 Purchased merchandise from Eby Company $ 3,700 and from Bosco Company $4,200. 16 Made sales to Aybar Company $ 3.180 and to Hefner Bros. $ 1.970. 18 Received bill for advertising from Welton Advertisements $590. 21 Sales were made to Fort Company $ 200 and to Duncan Company $ 3,110. 22 Granted allowance to Fort Company for merchandise damaged in shipment $ 60. 24 Purchased merchandise from Getz Company $ 2.980. 26 Purchased equipment from Dayne Supply S 770. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24 $490. 30 Sales were made to Aybar Company 5 5.850. Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement) Purchases Journal Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. V V V 126/ 610) 157/ V Sales Journal Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sok Dr. Inventory Cr. Date Account Debited Ref. V V 7 > V v (112) (401) (505)(120)
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