Required information

Skip to question

[The following information applies to the questions displayed below.] The following trial balance pertains to Benjis Grocery as of January 1, Year 2.

Account Title	Debit	Credit
Cash	$ 14,100
Accounts receivable	10,100
Inventory	61,900
Accounts payable		$ 4,500
Common stock		63,000
Retained earnings		18,600
Total	$ 86,100	$ 86,100

The following events occurred in Year 2. Assume that Benjis uses the periodic inventory method.

1. Purchased land for $6,700 cash.

2. Purchased merchandise on account for $30,000, terms 2/10 n/30.

3. Paid freight of $300 cash on merchandise purchased FOB shipping point.

4. Returned $1,900 of defective merchandise purchased in Event 2.

5. Sold merchandise for $27,000 cash.

6. Sold merchandise on account for $44,000, terms 1/20 n/30.

7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2.

8. Paid $1,800 cash for selling expenses.

9. Collected $38,000 of the accounts receivable from Event 6 within the discount period.

10. Collected $3,000 of the accounts receivable but not within the discount period.

11. Paid $3,000 of other operating expenses.

12. A physical count indicated that $34,000 of inventory was on hand at the end of the accounting period.

Required a. Record these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet Record the entry for purchased land for $6,700 cash. Note: Enter debits before credits