Question
Sales-Related Transactions Using the Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and
Sales-Related Transactions Using the 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., $20,600, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,670.
3. Sold merchandise for $10,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150.
4. Sold merchandise on account to Empire Co., $51,410, terms FOB shipping point, n/EOM. the cost of the goods sold was $33,210.
5. Sold merchandise for $28,600 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $21,080.
12. Received a check for the amount due from Equinox Co. for sale on March 2.
14. Sold merchandise to customers who used American Express cards, $12,870. The cost of the goods sold was $8,370.
16. Sold merchandise on account to Targhee Co., $29,800, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,850.
18. Issued credit memo for $5,200 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $3,030.
19. Sold merchandise on account to Vista Co., $7,750, terms FOB shipping point, 2/10, n/30. Paid $80 for freight and added it to the invoice. The cost of the goods sold was $4,790.
26. Received a check for the amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28. Received a check for the amount due from Vista Co. for sale of March 19.
31. Received a check for the amount due from Empire Co. for sale of March 4.
31. Paid Fleetwood Delivery Service $6,200 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3. Paid City Bank $950 for service fees for handling MasterCard and American Express sales during March.
15. Paid $6,744 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 Check My Work
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