Question 5) Krey Distributing Company completed these merchandising transactions

Question

Question 5) Krey Distributing Company completed these merchandising transactions in the month of April. Apr. 2 Purchased merchandise on account from Am-Bev Co. $8,700, terms 3/10, n/30. 4 Sold merchandise on account $6,000, terms 3/10, n/30. The cost of the merchandise sold was $3,700. 5 Paid $200 freight on April 4 sale. 6 Received credit rom Am-Bev Co. for merchandise returned $500. 11 Paid Am-Bev Co. in full 13 Received collections in full from customers billed on April 4. 14 Purchased merchandise for cash $4,700. 16 Received refund from supplier for returned merchandise on cash purchase of April 14, $500. 18 Purchased merchandise from Lohr Distributors $5,500, terms 1/10, n/30. 20 Paid freight on April 18 purchase $180. 23 Sold merchandise for cash $8,300. The cost of the merchandise sold was $5,580. 26 Purchased merchandise for cash $2,300. 27 Paid Lohr Distributors in full. 29 Made refunds to cash customers for returned merchandise $180. The returned merchandise had a cost of $120. 30 Sold merchandise on account $3,980, terms n/30. The cost of the merchandise sold was $2,500. Instructions: Journalize the transactions using a perpetual inventory system (in color).O

Explanation / Answer

Journal Register Date Particulars Debit Credit 2 Inventory $8,526.00 Accounts Payable $8,526.00 4 Accounts Receivable $5,880.00 Sales Discount $120.00 Sales $6,000.00 4 COGS $3,700.00 Inventory $3,700.00 5 Frieght $200.00 Cash $200.00 6 Accounts Payable $490.00 Inventory $490.00 11 Accounts Payable $8,036.00 Cash $8,036.00 13 Cash $5,880.00 Accounts Receivable $5,880.00 14 Inventoy $4,700.00 Cash $4,700.00 16 Cash $500.00 Inventory $500.00 18 Inventory $5,390.00 Accounts Payable $5,390.00 20 Inventoy $180.00 Cash $180.00 23 Cash $8,300.00 Sales $8,300.00 23 COGS $5,580.00 Inventory $5,580.00 26 Inventoy $2,300.00 Cash $2,300.00 27 Accounts Payable $5,390.00 Cash $5,390.00 29 Sales $180.00 Cash $180.00 29 Inventory $120.00 COGS $120.00 30 AR $3,980.00 Sales $3,980.00 30 COGS $2,500.00 Inventory $2,500.00

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