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Required information [ The following information applies to the questions displayed below. ] The trial balance for Terry's Auto Shop as of January 1 ,
Required information
The following information applies to the questions displayed below.
The trial balance for Terry's Auto Shop as of January Year follows:
Cash: $debit
inventory: $debit
Common stock: $credit
Retained earnings: $
TOTAL Debit: $
TOTAL Credit: $
The followinf events affected the company during the Year accounting period:
Purchased merchandise in account for $
the goods in event were ourchased FOB shipping point with freight cost of $ cash
returned $ of damaged merchandise for credit on account
agreed tk keep other damaged merchandise for which the company received an $ allowance
sold merchandise that cost $ for $ cash
delivered merchnadise to customers in event under terms FOB destination with freight costs amounting to $ cash
paid $ on the merchandise purchased in Event
paid $ cash for operating expenses
QUESTION:
Make journal entires: If no entry is required say no journal entry required"
a record entry for merchase of merchandise account
B record entry cash paid for freight cost
C record entry to return damaged merchandise for credit on account
D record entry for allowances to keep ither damaged merchandise
E record sale of inventory for cash
F record entry for cost of goods sols
G record entry for freigh cost paid
H record cash paid for merchandise purchased
I record cash paid for operating expenses
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