Please journalize the entries for the given transactions of a retail company during June. 1 . Ignore the following transactions: June 21 - Received purchase
Please journalize the entries for the given transactions of a retail company during June.
1 . Ignore the following transactions: June 21 - Received purchase order from Jandesh. June 28 - Ordered from Buena Vista Coffee.
2 . Do not use the purchases method or account title for inventory purchases. Instead, use the perpetual method to account for inventory transactions. Therefore, you need a cost of goods percentage. The percentage is 35%
3 . Please include transaction Date, Account Number, Account Title, and CR/DR. The account titlesumbers are listed below:
Cash 100
A/P Control 210
Sales Revenue 400
CoG Sold 500
Wages Payable 220
Electricity Payable 221
Short-Term Investments 102
Water Payable 222
A/R Control 110
Interest Payable 225
Sale Returns and Allowances 401
Advertising Expense 511
Sales Discounts 402
Wages Expense 516
Interest Revenue 403
Rent Expense 540
Interest Receivable 112
Merchandise Inventory 120
Bank Loan Payable 250
Common Stock 300
Retained Earnings 301
Income Summary 310
Electricity Expense 541
Water Expense 542
Insurance Expense 543
Office Supplies Expense 544
Salary Expense 545
Depn Expense-Office Furnitue 560
Depn Expense-Office Equipment 561
Interest Expense 571
Admin Expense-Bank Charges 572
Office Supplies 130
Prepaid Rent 140
Prepaid ADvertising 141
Prepaid Insurance 142
Office Furniture 150
Accumulated Depn-Office Furniture 151
Office Equipment 160
Accumulated Depn-Office Equipment 161
4 . Values for Check No. --- are listed below
No. 901 -- 6,900 DR
No. 902 -- 700 DR
No. 903 -- 3,743 DR
No. 904 -- 1,385 DR
No. 905 -- 220 DR
No. 906 -- 53,144 DR
No. 907 -- 5,103 DR
No. 909 -- 3,452 DR
No. 910 -- 5,582 DR
Transactions for June You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided into five separate weeks to help you break your study time into blocks. 1 Week 1 Date Transaction description 1 Pwchased Coffee Cup Lids from Abejundio Coffee for $160, terms net 30. Purchased Gourmet Cubed Sugar from Brazil Imports Group for $200, terms 2/10, n/30. 1 Obtained a loan of $55,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 20XX and the principal of the loan is to be repaid at the beginning of June four years later. Paid the full amount owing to East Tangiers Co-op., Check No. 903. Payment fell within discount period. Paid the full amount owing to Buena Vista Coffee. Check No. 904. Payment fell within discount period Purchased Gourmet Cream with cash for $220, Check No. 905. Made cash sales of $5,961 dwing the first 4 days of the month. Sold 5 bags of Medium Roast Arabica Coffee Beans to SloZone for $287 each Invoice No. 201. 2 2 3 4 7 Week 2 Date Transaction description 9 Central Coffee paid the full amount owing on their account. Since Central Coffee has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. Made cash sales of $10,081 during the week. SloZone returned $1,198 worth of product. Issued a Credit Memorandum for $1,198. Sold Chocolate Sprinkles to Jandesh's Hot Spot for $484. Invoice No. 202. 13 Paid the full amount owing to Klam Wholesalers, Check No. 906. 11 11 12 17 18 Week 3 Date Transaction description 15 Paid sales staff wages of $5,103 for the two weeks up to and including yesterday, Check No. 907. Sold 10 boxes of Plastic Condiment Containers to Revamp Coffee Carts for $206 each Invoice No. 203. Made cash sales of $9,658 dwing the week. Retuned $1,403 worth of faulty product to Abejundio Coffee. Received a Credit Memorandum for $1,403 Jandesh's Hot Spot paid $300 in partial payment of their account. SloZone paid the full amount owing on their account Received a purchase order from Jandesh's Hot Spot. Created a corresponding sales order to deliver Gourmet Cream to this customer for $470, Invoice No. 204. 18 19 21 21 9 Week 4 Date Transaction description 24 Delivered Gowmet Cream to Jandesh's Hot Spot for $470, Invoice No. 204, which was ordered on the 21" Made cash sales of $9,592 during the week. Paid the full amount owing to Brazil Imports Group, Check No. 908 27 Paid the full amount owing to Abejundio Coffee. Check No. 909. Ordered Organic Chocolate Cream Liqueur from Buena Vista Coffee for $155. agreed terms with Buena Vista Coffee are 2/10, 1/30. 26 28 29 30 Week 5 Date Transaction description Paid sales staff wages of $5,582 for the two weeks up to and including yesterday, Check No. 910. Received Organic Chocolate Cream Liqueur for $155, which was ordered on the 28", agreed terms with Buena Vista Coffee are 2/10, n/30. 30 Quick Bolt Coffee paid the full amount owing on their account Made cash sales of $6,629 during the last 5 days of the month. Paid monthly salary of $5,200 to Adrian Bartos, Check No. 911. 30 30
