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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.
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., $16,700, terms FOB shipping point, n/eom. The cost of merchandise sold was $10,000. |
2. | Sold merchandise for $27,400 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $17,800. |
5. | Sold merchandise on account to Peacock Company, $38,200, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $24,800. |
8. | Sold merchandise for $10,700 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $6,400. |
13. | Sold merchandise to customers who used MasterCard cards, $8,000. The cost of merchandise sold was $5,000. |
14. | Sold merchandise on account to Loeb Co., $13,100, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,700. |
15. | Received check for amount due from Peacock Company for sale on July 5. |
16. | Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100. |
18. | Sold merchandise on account to Jennings Company, $6,300, terms FOB shipping point, 2/10, n/30. Paid $180 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 $2,240 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 $980 for service fees for handling MasterCard and VISA sales during July |
10. | Paid $3,510 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co (Debits and Credits). For a compound transaction, if no entry is required, leave the entry box blank.
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