Part A

Journalize the transactions for the month of July for Ready-Set-Go, Ltd. using a inventory system. Instructions Distributing Company ple completed the following merchandising trans, of income siatement. ac ions in the month of April. At the beginning of April, the ledger of Vree showed Cash LO 2, 3, 5) and Share Capital-Ordinary of 8,000 Apr 2 Purchased merchandise on account from Walker Supply Co. 6,200, terms 1/10, 4 Sold merchandise on account 5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was 3,400. 5 Paid 240 freight on April 4 sale. 6 Received credit from Walker Supply Co. for merchandise returned 500. 11 Paid Walker Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4 14 Purchased merchandise for cash 3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, 500. 18 Purchased merchandise from Benjamin Distributors 4,500, FOB shipping point terms 2/10, n/30. 20 Paid freight on April 18 purchase 160. 23 Sold merchandise for cash 7,400. The merchandise sold had a cost of 4,120 26 Purchased merchandise for cash 2,300. 27 Paid Benjamin Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise 90. The returned merchandise had a fair value of 30. 30 Sold merchandise on account 3,400, terms n/30. The cost of the merchandise sold was 1,900 Vree Distributing Company's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. Instructions (a) Journalize the transactions using a perpetual inventory system