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question: Journalize (debit - credit) the transactions of July. All detailed calculations are to be included. During July, the last month of the fiscal year,
question: Journalize (debit - credit) the transactions of July. All detailed calculations are to be included.
During July, the last month of the fiscal year, the following transactions were completed: \begin{tabular}{|l|l|} \hline Date & Transaction \\ \hline July 1 & Paid rent for July 6,000 \\ \hline July 2 & SoldmerchandiseonaccounttoKormanCo.termsn/12FOBshippingpoint,$78,000.Thecostofthegoodssoldwas$50,000. \\ \hline July 3 & PurchasesmerchandiseonaccountfromMartinCo,terms2/10n/30FOBshippingpoint$25,000. \\ \hline July 4 & Paid freight on purchase of July 3, \$ 500. \\ \hline July 7 & Received \$ 27,000 cash from Halstad Co. on account \\ \hline July 10 & SoldMerchandisewithalistpriceof$70,000tocustomerswhousedvisaandwhoredeemed$5,000ofpointofsalecoupons.Thecostofgoodssoldwas#35,000 \\ \hline July 13 & Paid for merchandise purchased on July 3. \\ \hline July 15 & Paid Advertising Expenses for last half of July \$25,000. \\ \hline July 17 & Received cash from sale of July 2. \end{tabular} \begin{tabular}{|c|c|} \hline July 19 & Purchase merchandise for cash $26,500. \\ \hline July 19 & Paid $25,450 to Buttons Co. on account. \\ \hline July 20 & PaidKormnCo.acashrefundof$13,230forreturnedmerchandisefromsaleofMay2.Thecostofthereturnedmerchandisewas$8,000. \\ \hline July 21 & SoldmerchandiseonaccounttocrescentCo,termsn/eom,FOBshippingpoint,$90,000.Thecostofgoodssoldwas$80,000. \\ \hline July 21 & For the convenience of Crescent Co, paid freight on sale of July 21,$4,500. \\ \hline July 21 & Received \$ 42,900 cash from Gee Co. on account. \\ \hline July 21 & PurchasedmerchandiseonaccountfromOstermanCo.terms1/10,n/30FOBdestinations$88,000. \\ \hline July 21 & ReturneddamagedmerchandisepurchasedonJuly21,receivingacreditmemofromthesellerfor$55,000. \\ \hline July 26 & RefundcashonSalesmadeforcash$7,500.Thecostofthemerchandisereturnedwas$4,800. \\ \hline July 28 & Paid sales salaries of $56,000 and office salaries of $29,000. \\ \hline July 29 & Purchase store supplies for cash $2,400. \\ \hline July 30 & SoldmerchandiseonaccounttoTurnerCo,termsn/30,FOBshippingpoint,$78,750.Thecostofthegoodssoldwas$47,000. \\ \hline July 31 & Received cash from sales of July 21 plus freight \\ \hline July 31 & Paid for purchase of July 21, less return of July 21 . \\ \hline \end{tabular}Step by Step Solution
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