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please use accounts in the chart of accounts photos. ASSUMPTIONS: 1 The chart of accounts provided includes all of the accounts needed to prepare your
please use accounts in the chart of accounts photos.
ASSUMPTIONS: 1 The chart of accounts provided includes all of the accounts needed to prepare your journal entries. 2 All accounts have a normal balance in our general ledger. 3 We utilize FIFO for inventory valuation Transactions: June 19 Sold 140 widgets on account to Korman Co., terms n/10, FOB destination, $144,900, We use the FIFO inventory method (see the FIFO Inventory schedule tab) June 20 Purchased 152 widgets on account from Martin Co., terms 2/10,n/30, FOB shipping point, $91,200, including freight of $1,000. June 23 Received $25,000 cash on account from Turner Co. who has a balance of $48,750. The customer is not going to be able to pay the rest so it is written off. June 26 Sold 41 widgets with a list price of $41,500 to customers who used VISA and who redeemed $2,000 of point-of-sale coupons. Remember, we use the FIFO inventory method (see the FIFO Inventory schedule tab) June 28 Korman Co. Paid their invoice from June 19. June 29 Paid for the merchandise purchased on June 20 from Martin Co. June 30 Paid Korman Co. a cash refund of $3,105 for returned 3 widgets from sale of June 19 . The widgets returned were part of the last layer in the original sale cost wise. June 30 Parker Co, a customer whose account was previously written off as uncollectible, has paid $15,000 towards his delinquent (past due and written off) balance. Required: 1. Journalize the transactions for the last two weeks of June, the first month of the fiscal year on pages 73 and 74 of the general journal. CHART OF ACCOUNTS Terrific Tutoring General Ledger ASSETS REVENUE 110 Cash 112 Accounts Receivable 113 Allowance for Uncollectible Accounts 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 410 Sales EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 545 Bad Debt Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends \begin{tabular}{|c|c|c|c|c|} \hline Purchase & \multicolumn{4}{|c|}{ Widget Inventory } \\ \hline Date & Quantity & Unit Cost & & Cost \\ \hline May 6 & & 10 & 510$ & 5,100.00 \\ \hline May 16 & & 75 & 525$ & 39,375.00 \\ \hline May 22 & & 125 & 575$ & 71,875.00 \\ \hline May 29 & & 100 & 590$ & 59,000.00 \\ \hline \end{tabular} $175,350.00 GENERAL JOURNAL Page: 67Step by Step Solution
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