Transactions for K.L.P, Inc., for the month of June, 2016

Misc. Info: Company uses weighted average method for calculating cost of goods sold

Prepare Journal Entries and T- Accounts for the following:

June 1 K.L. Paul, owner, invests $300,000 cash

5 Paid $3,600 cash for a three-year insurance policy

7 Purchase supplies for $10,000 cash

8 Purchase 10,000 units of inventory with $40,000 cash

12 Purchase 50,000 units of inventory on credit from a local wholesaler for $200,000. Credit terms are 2/10,n/30

15 Purchase $27,000 in supplies on credit from Supplies Plus Co.

17 Sell 2,000 units of inventory for $26,000 cash

19 Sell 20,000 units of inventory for $300,000 on credit with terms of 3/15,n/60

20 Purchase 15,000 units of inventory for $113,000 cash

20 Sell 25,000 units of inventory for $375,000 cash

22 Buyer from 6/19 receives some damaged goods. Issue $50,000 credit refund to customer's account.

23 Pay wholesaler from 6/12

23 Return 12,000 of the units purchased on 6/20 for a $72,000 cash refund

24 Pay $900 wages to assistant in cash

25 K. L. Paul, owner, invests land valued at $90,000

30 Purchase storage building worth $55,000 with a long-term bank note

30 Pay $500 utility expense in cash

30 K. L. Paul, owner, withdraws $15,000 cash for personal use

30 Receive payment from 6/19 customer - discount is taken