If answered within 45mins,it would be helpful.thanks in advance Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $12,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,400. 2. Sold merchandise for $27,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $18,100. 5. Sold merchandise on account to Peacock Company, $36,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,400. 8. Sold merchandise for $12,100 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300. 13. Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400. 14. Sold merchandise on account to Loeb Co., $14,600, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,600. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $2,200 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,200. 18. Sold merchandise on account to Jennings Company, $7,400, terms FOB shipping point, 2/10, n/30. Paid $220 for freight and added it to the invoice. The cost of merchandise sold was $4,400. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $1,610 for merchandise delivered during July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July 10. Paid $2,610 to state sales tax division for taxes owed on sales. Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.

If answered within 45mins,it would be helpful.thanks in advance Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $12,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,400. 2. Sold merchandise for $27,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $18,100. 5. Sold merchandise on account to Peacock Company, $36,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,400. 8. Sold merchandise for $12,100 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300. 13. Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400. 14. Sold merchandise on account to Loeb Co., $14,600, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,600. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $2,200 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,200. 18. Sold merchandise on account to Jennings Company, $7,400, terms FOB shipping point, 2/10, n/30. Paid $220 for freight and added it to the invoice. The cost of merchandise sold was $4,400. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $1,610 for merchandise delivered during July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July 10. Paid $2,610 to state sales tax division for taxes owed on sales. Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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If answered within 45mins,it would be helpful.thanks in advance

Sales-Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:

July 1.	Sold merchandise on account to Landscapes Co., $12,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,400.
2.	Sold merchandise for $27,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $18,100.
5.	Sold merchandise on account to Peacock Company, $36,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,400.
8.	Sold merchandise for $12,100 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300.
13.	Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400.
14.	Sold merchandise on account to Loeb Co., $14,600, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,600.
15.	Received check for amount due from Peacock Company for sale on July 5.
16.	Issued credit memo for $2,200 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,200.
18.	Sold merchandise on account to Jennings Company, $7,400, terms FOB shipping point, 2/10, n/30. Paid $220 for freight and added it to the invoice. The cost of merchandise sold was $4,400.
24.	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
28.	Received check for amount due from Jennings Company for sale of July 18.
31.	Paid Black Lab Delivery Service $1,610 for merchandise delivered during July to customers under shipping terms of FOB destination.
31.	Received check for amount due from Landscapes Co. for sale of July 1.
Aug. 3.	Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July
10.	Paid $2,610 to state sales tax division for taxes owed on sales.

Required:

Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.

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