Journalize the entries to record the transactions of Capers Company for October.

Question

Journalize the entries to record the transactions of Capers Company for October. PR 5-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 1/10, n/30. The cost of the merchandise sold was $13,300. 3, sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. 5, sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2. 14. Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350. 16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000. sale on March 16. The cost of the merchandise returned was $2,900. 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchan- 18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned from 19. Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, dise sold was $5,000. 26. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. (Continued)

Explanation / Answer

Date Particulars Debit Credit 2-Mar Accounts receivable - Equinox 18,900.00 Sales 18,900.00 2-Mar Cost of goods sold 13,300.00 Inventory 13,300.00 3-Mar Accounts receivable 12,031.00 Sales 11,350.00 Sales tax payable 681.00 3-Mar Cost of goods sold 7,000.00 Inventory 7,000.00 4-Mar Accounts receivable - Empire Co. 55,400.00 Sales 55,400.00 4-Mar Cost of goods sold 33,200.00 Inventory 33,200.00 5-Mar Bank/Cash 31,800.00 Sales 30,000.00 Sales tax payable 1,800.00 5-Mar Cost of goods sold 19,400.00 Inventory 19,400.00 12-Mar Sales discount (1% of 18900) 189.00 Bank/Cash 18,711.00 Accounts receivable - Equinox 18,900.00 14-Mar Bank/Cash 13,700.00 Sales 13,700.00 14-Mar Cost of goods sold 8,350.00 Inventory 8,350.00 16-Mar Accounts receivable - Targhee Co. 27,500.00 Sales 27,500.00 16-Mar Cost of goods sold 16,000.00 Inventory 16,000.00 18-Mar Sales return 4,800.00 Accounts receivable - Targhee Co. 4,800.00 18-Mar Inventory 2,900.00 Cost of goods sold 2,900.00 19-Mar Accounts receivable - Vista Co. 8,325.00 Sales 8,250.00 Cash 75.00 19-Mar Cost of goods sold 5,000.00 Inventory 5,000.00 26-Mar Sales discount (27500-4800)*1% 227.00 Bank/Cash 22,473.00 Accounts receivable - Targhee Co. 22,700.00 28-Mar Sales discount (2% of 8250) 165.00 Bank/Cash 8,160.00 Accounts receivable - Vista Co. 8,325.00 31-Mar Bank/Cash 55,400.00 Accounts receivable - Empire Co. 55,400.00 31-Mar Delivery expenses 5,600.00 Bank/Cash 5,600.00 3-Apr Credit card charges 940.00 Bank/Cash 940.00 15-Apr Sales tax payable 6,544.00 Bank/Cash 6,544.00

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.