The Williams company sells a product called Mix-right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mixed-Rights and transactions during October 2020 were as follows:

Required:

journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. under the assumption that the company keeps its records on a weighted average basis, enter the beginning balances and post each transaction on an inventory subledger record. Posting to another subledger's is not required.

Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. WILLIAMS COMPANY Sales Journal Date (2020) Account Debited Invoice Number AIR Dr. Sales Cr. COGS Dr. Merchandise Inventory Cr. WILLIAMS COMPANY Purchases Journal Date (2020) Account Credited Accounts Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Accounts Debit WILLIAMS COMPANY Cash Disbursements Journal Date (2020) Ch. No. Payee Account Debited Cash Credit Merchandise Inventory Cr. Other Accts. Debit Accts. Payable Debit Journal entry worksheet