P5-49 Journalizing and posting purchase and sale transactions

This problem continues the Canyone Canoe Company situation from Chapter 4. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual invetory system to account from invetory. During January 2019, Canyon Canoe Company completed the following merchandising transactions (picture below):

1. Open the following T-accounts in the ledger, using the post-closing balances from Chapter 4: Cash, Accounts Receivable, Merchandise Inventory, Estimated Returns Inventory, Office Supplies, Prepaid Rent, Land, Building, Accumulated Depreciation - Building, Canoes, Accumulated Depreciation - Canoes, Accounts Payable, Utilities Payable, Telephone Payable, Wages Payable, Refunds Payable, Interest Payable, Unearned Revenue, Notes Payable, Common Stock, Retained Earnings, Income Summary, Sales Revenue, Canoe Rental Revenue, Cost of Goods Sold, Rent Expense, Wages Expense, Utilities Expense, Telephone Expense, Supplies Expense, Depreciation Expense - Building, Depreciation Expense - Canoes, Interest Expense.

2. Journalize and psot the transactions. Compute each account balance, and denote the balance as Balance. Omit explanations.

Lung Problem Part 1 P5-49 Journalizing and posting purchase and sale transactions This problem continues the Canyon Cano Company situation from Chapter 4. At the beginning of the new year, Canyon Canoe Company decided to a T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory system to account for the inventory. During January 2019, Canyon Canoe Company completed the following merchandising transactions Jan. 1 Purchased 10 T-shirts at $4 each and paid cash. 2 Sold 6 Tshirts for $10 each, total cost of $24. Received cash. 3 Purchased 50 T-shirts on account at $5 each. Terms 2/10, n/30. 7 Paid the supplier for the Tshirts purchased on January 3, less discount. 8 Realized 4 Tshirts from the January 1 order were printed wrong and returned them for a cash refund. 10 Sold 40 Tshirts on account for $10 each, total cost of $200. Terms 315, n/45 12 Received payment for the T-shirts sold on account on January 10, less discount 14 Purchased 100 T-shirts on account at $4 each. Terms 415, n/30. 18 Canyon Company called the supplier from the January 14 purchase and told them that some of the Tshirts were the wrong color. The supplier offered a $50 purchase . allowance 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount 21 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 220, n/30. 23 Received a payment on account for the T-shirts sold on January 21, less discount 25 Purchased 320 Tshirts on account at $5 each. Terms 210, n/30, FOB shipping point 27 Paid freight associated with the January 25 purchase, S48. 29 Paid for the January 25 purchase, less discount. 30 sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, 31 Received payment for the Tshirts sold on January 30, . less discount Requirements 1. Open the following T-accounts in the ledger, using the post-closing balances from Chapter 4Cash, : Accounts Receivable, Merchandise Inventory, Estimated Returns Inventor, Office Supplies, Prepaid Rentand, BuildingAccumulated deprecial tion Building Canoes, Accumulated Depreciation Canoes, Accounts Payable Jilities Payable, Telephone Payable, Wages Payable, Refunds Payable, Interest Play able, Unearned Revenue, Notes payableCommon Stock, Retained Summary, Sales RevenueCanoe Rental Revenue, Cost of Goods Sold, Rent Expense, , earning Income Wages Expense, Utilities Expense, Telephone Espense, Supplies Expenses, Deprecia Lung Problem Part 1 P5-49 Journalizing and posting purchase and sale transactions This problem continues the Canyon Cano Company situation from Chapter 4. At the beginning of the new year, Canyon Canoe Company decided to a T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory system to account for the inventory. During January 2019, Canyon Canoe Company completed the following merchandising transactions Jan. 1 Purchased 10 T-shirts at $4 each and paid cash. 2 Sold 6 Tshirts for $10 each, total cost of $24. Received cash. 3 Purchased 50 T-shirts on account at $5 each. Terms 2/10, n/30. 7 Paid the supplier for the Tshirts purchased on January 3, less discount. 8 Realized 4 Tshirts from the January 1 order were printed wrong and returned them for a cash refund. 10 Sold 40 Tshirts on account for $10 each, total cost of $200. Terms 315, n/45 12 Received payment for the T-shirts sold on account on January 10, less discount 14 Purchased 100 T-shirts on account at $4 each. Terms 415, n/30. 18 Canyon Company called the supplier from the January 14 purchase and told them that some of the Tshirts were the wrong color. The supplier offered a $50 purchase . allowance 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount 21 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 220, n/30. 23 Received a payment on account for the T-shirts sold on January 21, less discount 25 Purchased 320 Tshirts on account at $5 each. Terms 210, n/30, FOB shipping point 27 Paid freight associated with the January 25 purchase, S48. 29 Paid for the January 25 purchase, less discount. 30 sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, 31 Received payment for the Tshirts sold on January 30, . less discount Requirements 1. Open the following T-accounts in the ledger, using the post-closing balances from Chapter 4Cash, : Accounts Receivable, Merchandise Inventory, Estimated Returns Inventor, Office Supplies, Prepaid Rentand, BuildingAccumulated deprecial tion Building Canoes, Accumulated Depreciation Canoes, Accounts Payable Jilities Payable, Telephone Payable, Wages Payable, Refunds Payable, Interest Play able, Unearned Revenue, Notes payableCommon Stock, Retained Summary, Sales RevenueCanoe Rental Revenue, Cost of Goods Sold, Rent Expense, , earning Income Wages Expense, Utilities Expense, Telephone Espense, Supplies Expenses, Deprecia