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= The chart of accounts of Sunland Company includes the following selected accounts. 112 120 401 126 Accounts Receivable Inventory Supplies Equipment Accounts Payable 412
= The chart of accounts of Sunland Company includes the following selected accounts. 112 120 401 126 Accounts Receivable Inventory Supplies Equipment Accounts Payable 412 505 Sales Revenue Sales Returns and Allowances Cost of Goods Sold Advertising Expense 157 201 610 In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. Purchased merchandise from Eby Company $7,640. July 1 2 3 5 13 15 16 Received freight bill from Shaw Shipping on Eby purchase $420. Made sales to Fort Company $1,220 and to Hefner Bros. $2,480. Purchased merchandise from Getz Company $3,130 Received credit on merchandise returned to Getz Company $320. Purchased store supplies from Dayne Supply $710. Purchased merchandise from Eby Company $3,560 and from Bosco Company $4.290, Made sales to Aybar Company $3,730 and to Hefner Bros. $1.600. Received bill for advertising from Welton Advertisements $570, Sales were made to Fort Company $400 and to Duncan Company $2,880. Granted allowance to Fort Company for merchandise damaged in shipment $40. Purchased merchandise from Getz Company $3,030. Purchased equipment from Dayne Supply 5720. Received freight bill from Shaw Shipping on Getz purchase of July 24, $370. Sales were made to Aybar Company $5,430. 18 21 22 24 26 28 30 Journalize the transactions above in a purchases journal, a sales journal, and a general journal (Record entries in the order displayed in the problem statement) Purchases Journal Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. > C. 126/ C 6107 C 1571 (201) (120) in a purchases journal, a sales journal, and a general journal (Record entries in the order Purchases Journal ef. Accounts Payable Cr. Inventory Dr. P1 Other Accounts Dr. 26/ 10/ w 57/ (120) (201) (x) X (120) (X) Sales Journal Date Account Debited Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sol Dr. Inventory Cr. Ref. >
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