Question
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
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