This is a second question. Do you think if you can answer now? Pleasee because it's due in 1.5hrs
wi, ATT Problem 26A-2: Journalize and post purchase and sales transactions for a merchandising business using the periodic inventory system. Use the general journal and general ledger provided. The Stroup Shoes is a retail merchandising business owned and operated by Fred Stroup. Stroup Shoes use the periodic inventory system. During the first days of April, the business has the following transactions. Required: Part A: Journalize the transactions in general journal form. Part B: Post the journal entries to the general ledger. Note: When posting, be sure to fill in the account numbers to which you posted in the Posting Reference column of the journal and the journal page number from which you transferred the amounts in the Posting Reference column of the accounts. Part C. Complete the trial balance to check the equality of the postings (totals should be $7,541). Transactions: April 1 Stroup purchases $3,000 worth of shoes from the Beach Importing, terms 2/10, 1/30. April 2 Cash sales for the day amount to $750. April 3 A customer returns a pair of shoes that are defective and receives a cash refund of $30. April 4 Stroup returns $200 worth of shoes to the Beach Importing because the shoes were damaged in shipping. April 5 Cash sales for the day amount to $625. April 6 Stroup sells $200 worth of shoes to the Dallas Athletics on account. April Cash sales for the day amount to $830. April Stroup pays Beach Importing in full, taking the 2% discount. The cash amount paid to Beach is $2,744, and the discount is $56. April Cash sales for the day amount to $600. April 10 Stroup purchases $2,500 worth of shoes from the Beach Importing, terms 2/10, 1/30. April 11 Cash sales for the day amount to $780. 7 8 9 ages: 5 of 8 Words: 551 of 1220 Normal Body Text Heading 1 Heading 2 Problem 26A-2 Part A: Journal Entries GENERAL JOURNAL Page 17 ACCOUNTS AND EXPLANATION Purchase and Sale Entries REF CATE XXX1 Apr. DEBIT 1 Purchased shoes on account from Beach $3,000; terms 2/10, 1/30 2 Cash sales for April 2 3 Refund to cash customer for shoes returned $30 4 Returned shoes damaged in shipping to Beach for $200 credit 5 Cash sales for April 5 6 Sold shoes on account to Dallas Athletics $200 7 Cash sales for April 7 8 Pald Beach account in full, less return and 2% discount 9 Cash sales for April 9 10 Purchased shoes on account from Beach $2,500; terms 2/10, 1/30 11 Cash sales for April 5 6 of 8 Words: 551 of 1220 Problem 26A-2 (continued) Part B: Posting Journal Entries to General Ledger Cash REF DEBIT CREDIT DATE Apr. Account No. 111 DR. OR CR BALANCE 1,000 EXPLANATION Balance 1 2 3 5 7 8 9 11 Account Receivable Dallas Athletics Account No. 115 DR. OR CR BALANCE EXPLANATION REF REF DEBIT DATE Apr. CREDIT 6 Account PayableBeach Importing Account No. 211 DR. OR CR BALANCE EXPLANATION REF DATE Apr. DEBIT CREDIT 1 4 8 10 Stroup. Capital EXPLANATION Balance DATE Apr. REF DEBIT Account No. 311 DR. OR BALANCE CR 1,000 CREDIT 1 Sales Account No. 411 OR. OR CR BALANCE EXPLANATION REF DATE Apr. DEBIT CREDIT 2 5 6 7 9 11 Sales Returns and Allowances Account No. 412 OR. OR CR BALANCE DATE Apr. EXPLANATION REE DEBIT CREDIT 3 Purchases Account No. 511 DR. OR CR BALANCE DATE Apr EXPLANATION REF DEBIT CREDIT 1 TO Purchases Returns and Allowances DATE EXPLANATION Apr. Account No. 512 DR OR CR BALANCE REF DEBIT CREDIT Purchases Discounts Account No. 513 7 of 8 Words: 551 of 1220 EXPLANATION DATE Apr. REF DEBIT CREDIT DR. OR CR BALANCE 1 10 Purchases Returns and Allowances Account No. 512 DR. OR CR. BALANCE DATE Apr. EXPLANATION REF DEBIT CREDIT 4 Purchases Discounts EXPLANATION Account No. 513 ORTOR CR BALANCE DATE Apr. REF. DEBIT CREDIT 8 MODULE 10 - MERCHANDISING OPERATIONS Unit 26A: Accounting for Merchandising Businesses. Periodic Page 7 of 8 MODULE 10 - MERCHANDISING OPERATIONS The units in Module 10. Units 26 through 33, describe the special accounting needs of merchandising businesses. These needs give rise to new asset, revenue, and expense accounts, special journals, and a different classification of costs. Credit Balances Problem 26A-2 (continued) Part C: Trial Balance Account Titles Debit Balances Cash Accounts Receivable - Dallas Athletics Accounts Payable - Beach Importing Stroup, Capital Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discount Totals Note: Both trial balance totals should be $7541 7 of 8 Words: 551 of 1220
