Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on aCcount to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. DEBIT CREDIT REF. 1 July 5 Purchases 1 2 Accounts Payable 3 July 8 Freight-In 3 4 Cash 4 July 12 Accounts Receivable 5 Sales 6. 7 July 15 Purchases Returns and Allowances 7 8 Accounts Receivable 8 9 July 22 Purchases Returns and Allowances 9. 10 Sales Returns and Allowances 10
Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on aCcount to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. DEBIT CREDIT REF. 1 July 5 Purchases 1 2 Accounts Payable 3 July 8 Freight-In 3 4 Cash 4 July 12 Accounts Receivable 5 Sales 6. 7 July 15 Purchases Returns and Allowances 7 8 Accounts Receivable 8 9 July 22 Purchases Returns and Allowances 9. 10 Sales Returns and Allowances 10
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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