Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and
Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
July 1. | Sold merchandise on account to Landscapes Co., $10,600, terms FOB shipping point, n/eom. The cost of merchandise sold was $6,400. |
2. | Sold merchandise for $23,000 plus 7% sales tax to retail cash customers. The cost of merchandise sold was $15,000. |
5. | Sold merchandise on account to Peacock Company, $31,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $20,200. |
8. | Sold merchandise for $9,800 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,900. |
13. | Sold merchandise to customers who used MasterCard cards, $8,500. The cost of merchandise sold was $5,400. |
14. | Sold merchandise on account to Loeb Co., $10,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $5,900. |
15. | Received check for amount due from Peacock Company for sale on July 5. |
16. | Issued credit memo for $1,500 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $800. |
18. | Sold merchandise on account to Jennings Company, $6,000, terms FOB shipping point, 2/10, n/30. Paid $180 for freight and added it to the invoice. The cost of merchandise sold was $3,600. |
24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
28. | Received check for amount due from Jennings Company for sale of July 18. |
31. | Paid Black Lab Delivery Service $2,200 for merchandise delivered during July to customers under shipping terms of FOB destination. |
31. | Received check for amount due from Landscapes Co. for sale of July 1. |
Aug. 3. | Paid Hays Federal Bank $860 for service fees for handling MasterCard and VISA sales during July |
10. | Paid $2,750 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.
Date | Account | Debit | Credit |
---|---|---|---|
July 1-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 1-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 2-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 2-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 5-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 5-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 8-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 8-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 13-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 13-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 14-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 14-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 15 | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 16-return | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 16-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 18-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 18-freight | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 18-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 24 | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 28 | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 31-freight | |||
Date | Account | Debit | Credit |
---|---|---|---|
July 31-collection | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 3 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 10 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started