Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail consumers: Journalize Sales-

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail consumers:

Journalize Sales- Related Transactions Using Perpetual Inventory System

July 1. Sold merchandise on account to landscapes Co., $15,700, terms FOB shipping point, n/eom. The cost of merchandise soaked was $9,400

2. Sold merchandise for $26,900 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $17, 500

5. Sold merchandise on account to Peacock Company, $34,300, terms FOB destination, 2/10, n/30. The cost of merchandise so,d was $22,300

8. Sold merchandise for $10,800 plus 7% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $6,500

13. Sold merchandise to customers who used MasterCard cards, $10,000. The cost of merchandise sold was $6,300. 14. Sold merchandise on account to Loeb Co., $10,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,200

15. Received check for amount due from Peacock Company for sale on July 5

16. Issues credit memo for $1,600 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $900

18. Sold merchandise on account to Jennings Company, $6,300, terms FOB shipping point, 2/10, n/30. Paid $340 for freight and added it to the invoice. The cost of merchandise sold was $3,800

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 $1,540 for merchandise delivered during July to customers under shipping terms FOB destination

31. Received check for amount due from Landscapes Co. for sale of July 1.

Aug. 3. Paid Hays Federal Bank $870 for service fees for handling MasterCard and VISA sales during July

10. Paid $3,340 to state sales tax division for taxes owed on sales

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Marketing Audit Of A Private Health Care Facility Case Of The Bondeko Clinic

Authors: Tyty ELOOT ONDAIN

1st Edition

6204271237, 978-6204271231

Students also viewed these Accounting questions

Question

identify the responsibilities of a change agent

Answered: 1 week ago