1. Record journal entries for the transactions that occurred "No Journal Entry Required" in the first account field.) View transaction list -Book Journal entry worksheet Print erences Record $6,000 paid for 12 months'insurance starting January 1. Record as an asset. Note: Enter debits before credits Date General Journal January 01 Prepaid Insurance Credit Debit 6,000 6,000 RHINTS Required information P86-1 (Static) Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-3) The following information supplies to the questions displayed below.) The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRUSSGIS a wholesale merchandiser and SRO a retail merchandiser. Assume all sales of merchandise from SSG to SRL are made with terms 1/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order isted during the year ended December 31 SSG sold merchandise to SRU La selling price of $125,000. The merchandise had cost SSG $94.000 b. Two days later, SRU complained to SSG that some of the merchandise differed from what SR had ordered SSG Breed to give an allowance of $3,000 to SRU. SRU also returned some sporting goods, which had coat SSG $12.000 and had been sold to SRU for $16.500: No further returns are expected Just three days later SRU paid SSG, which settled all amounts owed 1. Record journal entries for the transactions that occurred "No Journal Entry Required" in the first account field.) View transaction list -Book Journal entry worksheet Print erences Record $6,000 paid for 12 months'insurance starting January 1. Record as an asset. Note: Enter debits before credits Date General Journal January 01 Prepaid Insurance Credit Debit 6,000 6,000 RHINTS Required information P86-1 (Static) Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-3) The following information supplies to the questions displayed below.) The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRUSSGIS a wholesale merchandiser and SRO a retail merchandiser. Assume all sales of merchandise from SSG to SRL are made with terms 1/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order isted during the year ended December 31 SSG sold merchandise to SRU La selling price of $125,000. The merchandise had cost SSG $94.000 b. Two days later, SRU complained to SSG that some of the merchandise differed from what SR had ordered SSG Breed to give an allowance of $3,000 to SRU. SRU also returned some sporting goods, which had coat SSG $12.000 and had been sold to SRU for $16.500: No further returns are expected Just three days later SRU paid SSG, which settled all amounts owed
