Journal entire for transaction June 18 June 18 Two Water Dancer personal watercr

Question

Journal entire for transaction June 18

June 18
Two Water Dancer personal watercraft and a Starlight Trailer were sold on account to Sierra Jet Set. The items, with the net cost price of each shown below, were sold at a retail selling price of net cost plus 25%. Remember to include the sales tax. Invoice Number: G4018. Customer Number: 11850.

Merchandise listed on the sales invoice:

Stock Number......................Item.................................Quantity..........Net Cost Per Unit

A900R......................WATER DANCER ROCKET..........2...................$7,425.00....

AL600 .....................STARLIGHT TRAILER D.............. 1 ...................$891.0

Journal entire for transaction June 21

Accessories for resale were purchased from Larson Sports Equipment with a total net cost of $635.00. The merchandise was delivered by the vendor. Invoice Number: M3093. Vendor Number: 26950

Merchandise listed on the purchase invoice:

Stock Number......................Item.................................Quantity..........Net Cost Per Unit

M7000 ..................CUSTOM RIDE PLATE ................. 10....................... $52.00

N6050.................. CUSTOM DECAL KIT .................... 10....................... $11.50

Journal entire for transaction June 22

Additional store and shop supplies were purchased on account from Anderson Supply. Anderson extends net 30 credit terms and the balance due on the invoice totals $635.40 (supplies and sales tax). Invoice Number: A5049. Vendor Number: 20110.

Explanation / Answer

Ans-

Journal entire for transaction June 18

Bank a/c Dr $18562.5

To sales a/c $14850

To proft & loss a/c $3712.5

(being 2 unit of WATER DANCER ROCKET sold at a profit of 25% on sales)

Bank a/c Dr $1114

To sales a/c $891

To proft & loss a/c $223

(being 1 unit of STARLIGHT TRAILER sold at a profit of 25% on sales)

Journal entire for transaction June 21

Puchase a/c Dr $635

To Larson Sports Equipment $635

(being 10 unit of CUSTOM RIDE PLATE & CUSTOM DECAL KIT each puchased @$635)

Journal entire for transaction June 22

Puchase a/c Dr $635.4

To Anderson Supply a/c $635.4

(being additional tore and shop supplies were purchased @ $635.4

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