retums at the crai cf eac 1 month. Reaard detits first, then credits. ERCIudtex

Question

retums at the crai cf eac 1 month. Reaard detits first, then credits. ERCIudtex arations from ournal entnes. Assume the ?mpany rocar s sales at the net amount. (Click the Icon to view the transactons.) Sep. 3 Purchasd inventory an account fram Silton wholesalers,?5,000. Terms 2/15, nEOM, FOB shipping point 1 More Info Date Debit Credit Sep. 3 Sep, 3Purchased marchandise inventory on account fram Silton Wholesalers, $5,000 Terms 215, nEOM, FOB shipping point. 4 Paid freight bill of S40 on Seplember 3 purchase. 4 Purchase merchandise inventary for cash of $2,aa. 6 Returned S800 of inventory from September 3 purchase. B Sold merchandise invantary to Harvay Company, $6,800, on accut. Toms Sep. 4: Pald freight bill of $40 on Saptember 3 purchase. 216, n36. Cost of goods, $2,320. 9 Purchased merchandise inventory on account from Teylor Wholesalers, 6,500 Debit Credit Sep. 4 Terms 110, n30, FOB destination. 10 Made payment to Silo Wholesakers for gonds purchased on September 3, less reeturri and discournt Accounts Payable -Siton wholeselers Accounts Payeble-Taylor Wholesalers Accounts Receivable Harvey Company 12 Raceved payment from Harvey Company, lees discount. 13 Mler negoialionis, received a $100 alowance from Taylar Who esalers. 15 Sold merchandise inventory to Johnson Company, 33,100, on account. Temms 4: Purch Accounts nEOM, Cost of goods, $1,333, 22 Made payrnent less alowance, to Taylor Wholesalers for goods purchased on 23 Johnson Company etumed $400 of the marchandise sold on September 15. 25 Sold merchandise inventory to Shelton for $1,20D en account that cost S504. Debit Credit Sep. 4 Cost of Gaods Sold Delivery Expanse Estimated Retums Inventory Freight In Merchandise Inventory Cast of gonds, $172. Terms of 2/10, ?.30 was ottered, FOB shipping point. As a courtesy to Shelton, $45 of freight was edded to the invoice for which cash was paid by Violet 29 Racoived paymant from Shelton, ass discount 30 Receved payment from Jchnson Company, less return. Sep. 6: Ratume Purchase Discounts Purchase Returns and Alowance8 Purchases Refunds Payable Sales Revenue Credit Sep. 6 Print Done

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Date Account Debit Credit Sep 3 Merchandise Inventory 5000 Accounts Payable 5000 4 Merchandise Inventory 40 Cash 40 4 Merchandise Inventory 2000 Cash 2000 6 Accounts Payable 800 Merchandise Inventory 800 8 Accounts Receivable 5800 Sales Revenue 5800 8 Cost of Goods Sold 2320 Merchandise Inventory 2320 9 Merchandise Inventory 6500 Accounts Payable 6500 10 Accounts Payable 4200 5000-800 Merchandise Inventory 84 4200*2% Cash 4116 4200*98% 12 Cash 116 5800*2% Sales Discount 5684 5800*98% Accounts Receivable 5800 13 Accounts Payable 100 Merchandise Inventory 100 15 Accounts Receivable 3100 Sales Revenue 3100 15 Cost of Goods Sold 1333 Merchandise Inventory 1333 22 Accounts Payable 6400 Cash 6400 23 Sales Return and Allowance 400 Accounts Receivable 400 23 Merchandise Inventory 172 Cost of Goods Sold 172 25 Accounts Receivable 1200 Sales Revenue 1200 25 Cost of Goods Sold 504 Merchandise Inventory 504 25 Accounts Receivable 45 Cash 45 29 Cash 1176 1200*98% Sales Discount 24 1200*2% Accounts Receivable 1200 30 Cash 2700 Accounts Receivable 2700

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