Week 4 Date Transaction description 22 Sold 90 Specialist Tennis Raquets to Jump
ID: 2522923 • Letter: W
Question
Week 4
Date
Transaction description
22
Sold 90 Specialist Tennis Raquets to Jump Around for $408 each, Invoice No. 385.
25
The Locker Room paid the full amount owing on their account.
25
Paid sales staff wages of $2,037 for the week up to and including yesterday, Check No. 878.
25
Ordered 16 Specialist Tennis Raquets from Extreme Sports Inc for $280 each. Agreed terms with Extreme Sports Inc are 2/10, n/30.
27
Delivered 40 Quidditch Snitches to Balls 'n All for $752 each, Invoice No. 386. These items were ordered on the 19th.
27
Made cash sale of 60 pairs of Football Boots for $336 each.
28
Paid the full amount owing to Hike, Check No. 879. Payment fell outside discount period.
28
Returned 8 faulty sets of Sting Ray Golf Clubs, originally purchased for $376 each, to Sport Borders. Received a Credit Note for $3,008.
Week 5
29
Received 16 Specialist Tennis Raquets for $280 each, which were ordered on the 25th. Agreed terms with Extreme Sports Inc are 2/10, n/30.
29
Made cash sale of 31 sets of Sting Ray Golf Clubs for $648 each.
30
Croquet and Cricket paid the full amount owing on their account.
30
Purchased 18 MJO Basketball Sets with cash for a list price of $320 each. A trade discount of 25% applies, Check No. 880.
30
Paid monthly salary of $4,600 to Sebastian Curie, Check No. 881
(Q=610-110-3.AcctsRec3_week4)
GENERAL LEDGER
Account: Cash
Account No. 100
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
74,032 DR
Jun
Jun
Jun
(Q=620-110.AcctsRecControl_week4)
Account: ARC - Accounts Receivable Control
Account No. 110
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
33,880 DR
Jun
20
Sales return from The Locker Room
GJ
2,688
31,192 DR
Jun
Jun
Jun
(Q=620-120.Inventory_week4)
Account: Merchandise Inventory
Account No. 120
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
93,336 DR
Jun
20
Sales return from The Locker Room
GJ
1,536
94,872 DR
Jun
Jun
Jun
(Q=620-210.AcctsPayControl_week4)
Account: APC - Accounts Payable Control
Account No. 210
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
44,436 CR
Jun
Jun
Jun
(Q=620-400.SalesRevenue_week4)
Account: Sales Revenue
Account No. 400
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
Jun
Jun
(Q=620-402.SalesDisc_week4)
Account: Sales Discounts
Account No. 402
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
Jun
Jun
(Q=620-500.CostOfSales_week4)
Account: Cost of Goods Sold
Account No. 500
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
20
Sales return from The Locker Room
GJ
1,536
1,536 CR
Jun
Jun
Jun
(Q=620-516.WagesExpense_week4)
Account: Wages Expense
Account No. 516
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
Jun
Jun
Week 4
Date
Transaction description
22
Sold 90 Specialist Tennis Raquets to Jump Around for $408 each, Invoice No. 385.
25
The Locker Room paid the full amount owing on their account.
25
Paid sales staff wages of $2,037 for the week up to and including yesterday, Check No. 878.
25
Ordered 16 Specialist Tennis Raquets from Extreme Sports Inc for $280 each. Agreed terms with Extreme Sports Inc are 2/10, n/30.
27
Delivered 40 Quidditch Snitches to Balls 'n All for $752 each, Invoice No. 386. These items were ordered on the 19th.
27
Made cash sale of 60 pairs of Football Boots for $336 each.
28
Paid the full amount owing to Hike, Check No. 879. Payment fell outside discount period.
28
Returned 8 faulty sets of Sting Ray Golf Clubs, originally purchased for $376 each, to Sport Borders. Received a Credit Note for $3,008.
Week 5
29
Received 16 Specialist Tennis Raquets for $280 each, which were ordered on the 25th. Agreed terms with Extreme Sports Inc are 2/10, n/30.
29
Made cash sale of 31 sets of Sting Ray Golf Clubs for $648 each.
30
Croquet and Cricket paid the full amount owing on their account.
30
Purchased 18 MJO Basketball Sets with cash for a list price of $320 each. A trade discount of 25% applies, Check No. 880.
30
Paid monthly salary of $4,600 to Sebastian Curie, Check No. 881
Explanation / Answer
JOURNAL ENTRY Date Account Title Debit Credit 22 Accounts receivable $408 Sales Revenue $408 25 Cost of goods sold $1,536 Cash $1,536 25 Wages expense $2,037 Cash $2,037 25 No Entry Required (No entry required for ordering Tennis Raquets) 27 Accounts receivable $ 30,080 (40*752) Sales Revenue $ 30,080 27 Cash $ 20,160 (336*60) Sales Revenue $ 20,160 28 Accounts Payable $44,436 Cash $44,436 28 Accounts payable $ 3,008 Merchandise Inventory $ 3,008 (8*376) 29 Merchandise Inventory $ 4,480 (16*280) Accounts payable $ 4,480 29 Cash $ 20,088 (648*31) Sales revenue $ 20,088 30 Cash $31,192 Accounts Receivable $31,192 30 Merchandise inventory $ 4,320 (18*320)*(1-0.25) Cash $ 4,320 30 Wages expense $4,600 Cash $4,600 GENERAL LEDGER Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 74,032 DR Jun 25 Cost of goods sold $1,536 $72,496 DR Jun 25 Wage expense 878 $2,037 $70,459 DR Jun 27 Sales Revenue $20,160 $90,619 DR Jun 28 Accounts Payable 879 $44,436 $46,183 DR Jun 29 Sales Revenue $ 20,088 $66,271 DR Jun 30 Accounts Receivable $31,192 $97,463 DR Jun 30 Merchandise inventory $ 4,320 $93,143 DR Jun 30 Wage expense $4,600 $88,543 DR $71,440 $56,929 $88,543 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 33,880 DR Jun 20 Sales return from The Locker Room GJ 2,688 31,192 DR Jun 22 Sales Revenue 385 $408 $31,600 DR Jun 27 Sales Revenue 386 $30,080 $61,680 DR Jun 30 Cash $31,192 $30,488 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 93,336 DR Jun 20 Sales return from The Locker Room GJ 1,536 94,872 DR Jun 28 Accounts payable $ 3,008 $ 91,864 DR Jun 29 Accounts payable $ 4,480 $ 96,344 DR Jun 30 Cash 880 $ 4,320 $ 100,664 DR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 44,436 CR Jun 28 Cash 879 $44,436 $0 Jun 28 Merchandise inventory $ 3,008 $3,008 DR Jun 29 Merchandise inventory $ 4,480 $ 1,472 CR Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 22 Accounts receivable 385 $408 $408 CR Jun 27 Accounts receivable 386 $30,080 $30,488 CR Jun 27 Cash $20,160 $50,648 Jun 29 Cash $ 20,088 $70,736 CR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 25 Cash 878 $2,037 $2,037 DR Jun 30 Cash 881 $4,600 $6,637 DR Jun
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