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Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally
Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:
Mar. 2. | Sold merchandise on account to Equinox Co., $19,300, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,290. |
3. | Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,380. |
4. | Sold merchandise on account to Empire Co., $59,620, terms FOB shipping point, n/eom. TThe cost of the goods sold was $32,530. |
5. | Sold merchandise for $27,450 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $17,590. |
12. | Received check for amount due from Equinox Co. for sale on March 2. |
14. | Sold merchandise to customers who used American Express cards, $14,650. The cost of the goods sold was $7,790. |
16. | Sold merchandise on account to Targhee Co., $26,800, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,960. |
18. | Issued credit memo for $4,600 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,990. |
19. | Sold merchandise on account to Vista Co., $7,550, terms FOB shipping point, 2/10, n/30. Paid $60 for freight and added it to the invoice. The cost of the goods sold was $4,810. |
26. | Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. |
28. | Received check for amount due from Vista Co. for sale of March 19. |
31. | Received check for amount due from Empire Co. for sale of March 4. |
31. | Paid Fleetwood Delivery Service $5,790 for merchandise delivered during March to customers under shipping terms of FOB destination. |
Apr. 3. | Paid City Bank $920 for service fees for handling MasterCard and American Express sales during March. |
15. | Paid $6,471 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Amsterdam Supply Co. For a compound transaction, if no entry is required, leave the entry box blank.
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 2-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 2-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 3-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 3-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 4-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 4-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 5-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 5-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 12 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 14-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 14-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 16-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 16-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 18-return | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 18-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 19-sale | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 19-freight | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 19-cost | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 26 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 28 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 31-collection | |||
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 31-freight | |||
Date | Account | Debit | Credit |
---|---|---|---|
Apr. 3 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Apr. 15 | |||
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