Question
Prepare the necessary general journal entries for the month of October for Sheridan Retail for each situation given below. Sheridan uses a perpetual inventory system.
Prepare the necessary general journal entries for the month of October for Sheridan Retail for each situation given below. Sheridan uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Oct. 5 | Paid cash of $14,364 for operating expenses that were incurred and properly recorded in the previous period. | |
9 | Purchased merchandise for $25,000 on account. Credit terms: 3/10, n/30. | |
12 | Paid a freight bill of $122 for merchandise purchased on October 9. | |
17 | Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled. | |
20 | Sold merchandise for $9,120 to Rattles Distribution on account. The cost of the merchandise sold was $3,648. Credit terms: 2/10, n/30. | |
26 | Issued a credit memo to Rattles Distribution for $342 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $212. |
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title to record the sale of merchandise | enter a debit amount | enter a credit amount |
enter an account title to record the sale of merchandise | enter a debit amount | enter a credit amount | |
(To record the sale of merchandise) | |||
enter an account title to record the cost of the merchandise sold | enter a debit amount | enter a credit amount | |
enter an account title to record the cost of the merchandise sold | enter a debit amount | enter a credit amount | |
(To record the cost of the merchandise sold) | |||
choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26 | enter an account title to record the credit granted for the return | enter a debit amount | enter a credit amount |
enter an account title to record the credit granted for the return | enter a debit amount | enter a credit amount | |
(To record the credit granted for the return) | |||
enter an account title to record the cost of the goods returned | enter a debit amount | enter a credit amount | |
enter an account title to record the cost of the goods returned | enter a debit amount | enter a credit amount | |
(To record the cost of the goods returned) |
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