Question
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1.Sold
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
July 1.Sold merchandise on account to Landscapes Co., $16,000, termsFOB shipping point, n/eom. Thecost of merchandise soldwas $9,600.2.Sold merchandise for $21,000 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $13,700.5.Sold merchandise on account to Peacock Company, $37,100, termsFOB destination, 1/10, n/30. The cost of merchandise sold was $24,100.8.Sold merchandise for $8,900 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,300.13.Sold merchandise to customers who used MasterCard cards, $6,500. The cost of merchandise sold was $4,100.14.Sold merchandise on account to Loeb Co., $10,300, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,100.15.Received check for amount due from Peacock Company for sale on July 5.16.Issuedcredit memofor $1,500 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $800.18.Sold merchandise on account to Jennings Company, $7,500, terms FOB shipping point, 2/10, n/30. Paid $350 for freight and added it to theinvoice. The cost of merchandise sold was $4,500.24.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 $1,570 for merchandise delivered during July to customers under shipping terms of FOB destination.31.Received check for amount due from Landscapes Co. for sale of July 1.Aug. 3.Paid Hays Federal Bank $900 for service fees for handling MasterCard and VISA sales during July10.Paid $2,030 to state sales tax division for taxes owed on sales.
Required:
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.
Date Account Debit Credit July 1-sale
Date Account DebitCredit July 1-cost
Date Account Debit Credit July 2-sale
Date Account Debit Credit July 2-cost
Date Account Debit Credit July 5-sale
Date Account Debit Credit July 5-cost
Date Account Debit Credit July 8-sale
Date Account Debit Credit July 8-cost
Date Account Debit Credit July 13-sale
Date Account Debit Credit July 13-cost
Date Account Debit Credit July 14-sale
Date Account Debit Credit July 14-cost
Date Account Debit Credit July 15
Date Account Debit Credit July 16-return
Date Account Debit Credit July 16-cost
Date Account Debit Credit July 18-sale
Date Account Debit Credit July 18-freight
Date Account Debit Credit July 18-cost
Date Account Debit Credit July 24
Date Account Debit Credit July 28
Date Account Debit Credit July 31-freight
Date Account Debit Credit July 31-collection
Date Account Debit Credit Aug. 3
Date Account Debit Credit Aug. 10
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Managerial Accounting
Authors: Carl S Warren, James M Reeve, Jonathan Duchac
12th Edition
1133952402, 978-1133952404
