Problem 6.5A (Algo) Merchandising Transactions (LO6-5, LO6-8) The following is a series of related transactions between Siogo Shoes, a shoe wholesaler, and Sole Mates, a chain of retail shoe stores: Siogo Shoes was $140 per pair, and the sales price was $200 per pair. the buyer and seller and were paid immediately in cash. Mates full credit for this return. February 19 Sole Mates paid the remaining balance due to siogo shoes within the discount period. Required: a. Record this series of transactions in the general journal of Siogo Shoes. (The company records sales at gross sales price.) b. Record this series of transactions in the general journal of Sole Mates. (The company records purchases of merchandise at net cost
Problem 6.5A (Algo) Merchandising Transactions (LO6-5, LO6-8) The following is a series of related transactions between Siogo Shoes, a shoe wholesaler, and Sole Mates, a chain of retail shoe stores: February 9 Siogo Shoes sold Sole Mates 180 pairs of hiking boots on account, terms 1/10, n/30. The cost of these boots to Siogo Shoes was $140 per pair, and the sales price was $200 per pair. February 12 United Express charged $96 for delivering this merchandise to Sole Mates. These charges were split evenly between the buyer and seller and were paid immediately in cash. February 13 Sole Mates returned 20 pairs of boots to Siogo Shoes because they were the wrong size. Siogo Shoes allowed Sole Mates full credit for this return. February 19 Sole Mates paid the remaining balance due to Siogo Shoes within the discount period. Required: a. Record this series of transactions in the general journal of Siogo Shoes. (The company records sales at gross sales price.) b. Record this series of transactions in the general journal of Sole Mates. (The company records purchases of merchandise at net cost and uses a Transportation-in account to record transportation charges on inbound shipments.) Complete this question by entering your answers in the table below. Record this series of transactions in the general journal of Siogo Shoes. (The company records sales at gross sales price.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 456 Record the sale of merchandise on account; terms, 1/10,n/30. Note: Enter debits before credits. Record this series of transactions in the general journal of Sole Mates. (The company records purchases of merchandise at net cost and uses a Transportation-in account to record transportation charges on inbound shipments.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of 180 pairs of boots; terms. 1/10,n/30 at net cost. Note: Enter debits before credits. Problem 6.5A (Algo) Merchandising Transactions (LO6-5, LO6-8) The following is a series of related transactions between Siogo Shoes, a shoe wholesaler, and Sole Mates, a chain of retail shoe stores: February 9 Siogo Shoes sold Sole Mates 180 pairs of hiking boots on account, terms 1/10, n/30. The cost of these boots to Siogo Shoes was $140 per pair, and the sales price was $200 per pair. February 12 United Express charged $96 for delivering this merchandise to Sole Mates. These charges were split evenly between the buyer and seller and were paid immediately in cash. February 13 Sole Mates returned 20 pairs of boots to Siogo Shoes because they were the wrong size. Siogo Shoes allowed Sole Mates full credit for this return. February 19 Sole Mates paid the remaining balance due to Siogo Shoes within the discount period. Required: a. Record this series of transactions in the general journal of Siogo Shoes. (The company records sales at gross sales price.) b. Record this series of transactions in the general journal of Sole Mates. (The company records purchases of merchandise at net cost and uses a Transportation-in account to record transportation charges on inbound shipments.) Complete this question by entering your answers in the table below. Record this series of transactions in the general journal of Siogo Shoes. (The company records sales at gross sales price.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 456 Record the sale of merchandise on account; terms, 1/10,n/30. Note: Enter debits before credits. Record this series of transactions in the general journal of Sole Mates. (The company records purchases of merchandise at net cost and uses a Transportation-in account to record transportation charges on inbound shipments.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of 180 pairs of boots; terms. 1/10,n/30 at net cost. Note: Enter debits before credits
