Purchase RU Compute the following for Clink: a. Cost of goods sold. b. Gross pro

Question

Purchase RU Compute the following for Clink: a. Cost of goods sold. b. Gross profit. >Problems Group A For all problems, assume the perpetual inm otherwise. Round all numbers to the nearest whole dollar unless stated otheni es 2, 3 P5-34A Journalizing purchase and sale transactions Journalize the following transactions that occurred in September 2018 for Aquamarins No explanations are needed. Identify each accounts payable and accounts receivabye with the vendor or customer name. Aquamarines estimates sales returns at the end each month. Purchased merchandise inventory on account from Sharpner Wholesalers $5,500. Terms 2/15, n/EOM, FOB shipping point Sep. 3 Paid freight bill of $85 on September 3 purchase. Purchased merchandise inventory for cash of $1,600. 4 4 6 8 Returned $1,300 of inventory from September 3 purchase. Sold merchandise inventory to Herman Company, $5,700, on account. Terms 2/15, n/35. Cost of goods, $2,565. Purchased merchandise inventory on account from Tucker Wholesalers, $6,000. Terms 3/10, n/30, FOB destination. 9 Made payment to Sharpner Wholesalers for goods purchased on September 3, less return and discount. 10 12 13 15 Received payment from Herman Company, less discount. After negotiations, received a $500 allowance from Tucker Wholesalers. Sold merchandise inventory to Jerome Company, $2,800, on account. Terms n/EOM. Cost of goods, $1,200. 22 Made payment, less allowance, to Tucker Wholesalers for goods 23 Jerome Company returned $200 of the merchandise sold on Septembe 25 Sold merchandise inventory to Small for $1,800 on account th purchased on September 9. 15. Cost of goods, $80. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy Small, $40 of freight was added to the invoice for which cash ws Aquamarines Received payment from Small, less discount. Received payment from Jerome Company, less return. a courtesy to b 29 30

Explanation / Answer

Aquamarines General journal for the month of September 2018 Date Account title Debit Credit 2018 Sept.3 Merchandise Inventory 5500 Accounts Payable - Sharpner Wholesalers 5500 Sept.4 Merchandise Inventory 85 Cash 85 Sept.4 Merchandise Inventory 1600 Cash 600 Sept.6 Accounts Payable - Sharpner Wholesalers 1300 Merchandise Inventory 1300 Sept.8 Accounts Receivable - Herman Company 5700 Sales 5700 Cost of goods sold 2565 Merchandise Inventory 2565 Sept.9 Merchandise Inventory 6000 Accounts Payable - Tucker Wholesalers 6000 Sept.10 Accounts Payable - Sharpner Wholesalers 4200 Merchandise Inventory 86 Cash 4114 Sept.12 Cash 5586 Sales Discount 114 Accounts Receivable - Herman Company 5700 Sept.13 Accounts Payable - Tucker Wholesalers 500 Merchandise Inventory 500 Sept.15 Accounts Receivable - Jerome Company 2800 sales 2800 Cost of goods sold 1200 Merchandise Inventory 1200 Sept.22 Accounts Payable - Tucker Wholesalers 5500 Cash 5500 Sept.23 Sales 200 Accounts Receivable - Jerome Company 200 Merchandise Inventory 80 Cost of goods sold 80 Sept.25 Accounts Receivable - Small 1840 Sales 1800 Freight outward 40 Cost of goods sold 738 Merchandise Inventory 738 Sept.29 Cash 1786 Sales Discount 54 Accounts Receivable - Small 1840 Sept.30 Cash 2600 Accounts Receivable - Jerome Company 2600

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