Prepare joumal entries to record the following merchandising transactions of Cabelaks, which uses the perpetual inventory system any the gross method. Hint: hi will help to identify each recelvable and piyable for example, record the purchase on July 1 in Accounts Payable-Boden. July I Purohased merchsndine from boden Compenty tor 66,200 ander credit tarme of 2ris, eras, res akipeisg point, involice dated July 1. 1ild $135 eneh for freidbt oharges of the pereninee of Jwig t. Sold merchindies thist hed boet 11,505 teer $1,46 tomh. anount. 16 Peid the bulnnee dus to Boden Compinty within the dinosent period. 19 Mold merehandine thit: Involee deted July 10 . Bocounti receivablo for thit nmount. 24 Paid leight co, the baletice due, het of discome. 30 heceived the balence due from hrt Co. for the inwoloe detes faly is, net of tivasent. Journal entry worksheet Purchased merchandise from Boden Company for 56,200 2/15,n/30,FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Journal entry worksheet Purchased merchandise from Boden Company for $6,200 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Journal entry worksheet Sold merchandise to Creek Co. for $950 under credit terms of 2/10,n/60,FOB shipping point, invoice dated July 2. Note: Enter debits before credits. Record the cost of merchandise sold, $517 Note: Enter debits before credits. Journal entry worksheet Paid $135 cash for freight charges on the purchase of July 1 . Note: Enter debits before credits. Journal entry worksheet Record sale of merchandise for $1,900 cash. Note: Enter debits before credits. Journal entry worksheet 2 3 4 Record cost of merchandise sold, $1,500. Note: Enter debits before credits. Journal entry worksheet Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15 n/60, FOB destination, invoice dated July 9. Note: Enter debits before credits. Journal entry worksheet 4 Returned $900 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. Note: Enter debits before credits. Journal entry worksheet 3 4 Returned $900 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. Note: Enter debits before credits. Received the balance due from Creek Co. for the invoice dated July 2 , net of the discount. Note: Enter debits before credits. Journal entry worksheet Paid the balance due to Boden Company within the discount period. Note: Enter debits before credits. ournal entry worksheet Sold merchandise to Art Co. for $1,500 under credit terms of 2/15,n/60,FOB shipping point, invoice dated July 19. ote: Enter debits before credits. Journal entry worksheet (1) . Record cost of merchandise sold, $1,000. Note: Enter debits before credits. Journal entry worksheet Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. Note: Enter debits before credits. Journal entry worksheet 1 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. Note: Enter debits before credits. Journal entry worksheet 912 Paid Leight Co. the balance due, net of discount. Note: Enter debits before credits. Journal entry worksheet ,10 Received the balance due from Art Co. for the invoice dated July 19 , net of discount. Note: Enter debits before credits. Journal entry worksheet (1) ,10 17 Sold merchandise to Creek Co. for $7,000 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Note: Enter debits before credits. Journal entry worksheet
